Can a charged-off mortgage be foreclosed?
The charge off does not remove the mortgage debt; it only puts it into a different classification. The lender still retains a claim against the house, the ability to foreclosure on the property or demand payment in the case of a bankruptcy.
Can you make a settlement on a second mortgage?
Second mortgage settlement is much like credit card settlement. The lender and the borrower will have to come to an agreement that the mortgage holder/lender will accept money less than the outstanding balance of the loan. Experts say this happens when your home is “underwater” or has negative equity.
How do you negotiate a second mortgage payoff?
It is possible to negotiate a second mortgage payoff for pennies on the dollar, just as with credit cards and other unsecured debt.
- Explain you cannot afford to make the payments.
- Request a payoff amount.
- Respond with a figure you can afford to pay.
- Show evidence proving your home is underwater.
Is a charge off worse than a foreclosure?
A foreclosure is bad. A charge-off following the foreclosure is worse. A lawsuit, however, can be catastrophic for your financial well-being.
What can I do about a charge off?
In that scenario, you could try negotiating with the creditor or debt collector to update or remove the charge-off account from your credit file. This is called “pay for delete,” and essentially you’re asking for the account to be removed from your credit reports in exchange for a fee.
Can I negotiate to pay off my mortgage?
You can negotiate anything anytime. Some negotiations just don’t work out. If you are looking to pay off a loan the bank understands that you have money and is less likely to give you a discount.
How do I settle my second mortgage after Chapter 7?
How to settle a second mortgage
- Contact your second mortgage lender to discuss the debt.
- Make an offer to your second mortgage lender.
- Remind your second mortgage lender that you know your rights.
- Put your agreement in writing.
Is there a home stimulus?
Currently, there’s no Congress mortgage stimulus program. But homeowners have plenty of alternatives. Many lenders are offering forbearance for as long as Covid is considered a National Emergency. And more than 7 million homeowners are still eligible to refinance despite rising rates.
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