80/20 Mortgage 2nd Charged Off And I Want To Sell.. What Are My Options ?

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okwjoe

LoanSafe Member
Aug 15, 2009
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My wife lost her job in 2010 and i was laid off soon after and stopped paying the second mortgage November 20, 2010 and stopped paying the first until both of us got new jobs.. we modified the first by throwing the arrears on the back of the loan in 2014 and had interest only mortage loan until January 2015 the reverted to the original terms . Now we want to sell next year and by that time the first morgtage balance will be around the market price and the credit report states the second mortgage account is closed , the remarks charged off as bad debt .
 

bigfrog

LoanSafe Member
Aug 31, 2011
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you have to think of NOW... no one knows what will happen next year. It may go up or down. In any case, you will have to pay all your mortgages/liens. you still have to pay your second. need to communicate with them, see if they are willing to settle.
 

Moe Bedard

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Loan Safe Mortgage
Aug 10, 2007
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Yes, your second lien will remain and when you sell, it will need to be settled and paid to be released.