Posted on: 03rd Oct, 2012 07:24 am
i haven't paid second mortgage in about 4 years. it was sent to a collection agency (i think) because it not the mortgage company we started with. doing a modification with the first mortgage. do i need to worry about the second one? do i worry about a foreclosure from the second mortgage? i think the second mortgage is and unsecure loan since i haven't gotten a foreclosure from them, just collection letters. what do you think?
Hi Jvs villa!
Welcome to forums!
If the second mortgage has been charged off and assigned to a collection agency, then you may not have to face a foreclosure but the collection agency can come after you to collect the dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the second mortgage has been charged off and assigned to a collection agency, then you may not have to face a foreclosure but the collection agency can come after you to collect the dues.
Feel free to ask if you've further queries.
Sussane
If you do not start over with making the payments to the collection agency, they may try to foreclose the property or if not that, they can even sue you. So, the best thing for you to do would be to try and settle the repayment plan, with the collection agency.
You are underlying modification of your first mortgage. That is absolutely fine. But, the second mortgage dues have to be paid by you. Otherwise, you may have to face the consequences of foreclosure in the near future.