Posted on: 12th Apr, 2010 12:51 am
i was waiting for a loan modification on the 2nd mortgage on my property and they keep telling me that the modification is in processing and that it will take time for them to get to my case since they are dealing with issues on a first come first serve basis. i kept on waiting until i was 8 months past due on the mortgage.i had been calling all through these period and sometimes they need updated document and they keep on telling me that i should wait. on the 8th month past due i called again and i was told that the loan has been written off and some one else in another department is handling my case. i contacted this person and i arranged to be paying $500 every month. i use to pay$1200 on a $114,000 loan with a 12.25% interest rate. i checked my credit report and its showing that the second mortgage has been written off and i am current on the first which carry the bulk of the loan after they successfully modify. my thing is if the 2nd mortgage company had modified or at least denied i would have probably looked for other options. but they fail to do that or even notify me. so what are my rights if any. please help with answers
If the second mortgage lender has charged off the loan, then there is hardly anything that you would be able to do. It is good that you have contacted the collection agency to get a payment plan to pay off the loan. You'll have to keep on paying off the dues as per that plan to the collection agency and clear off the dues.