our 1st mtg forelcosed and new owners bought oct 07, we have not heard anything form anyone and now 2 years later I received a letter from a collection agency representing my second mtg, which by the way is a new lender form when we first bought the house it now it merrill lynch mtg. What are my options? I can not afford the second mortgage and I was under the impression that if the first forclosed so did the 2nd, but come to find out that is not correct. Any suggestions. i have tried to get a free consult with a atty and have nto found any luck with that.
talk with a lawyer. If the 1st mortgage foreclosed and the 2nd mortgage didn’t stop it, then their debt is lost.
HOWEVER, they can still issue a 1099. And with a 1099, the IRS will tax you.
Talk with a lawyer.
Don’t pay anything. There had to be a clear title for the house to be sold… sue the title company that gave a clear title on the house…. sue the mortgege company that is harrassing you and forget about it what can they do to you… it is a dead debt…
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talk with a lawyer. If the 1st mortgage foreclosed and the 2nd mortgage didn’t stop it, then their debt is lost.
HOWEVER, they can still issue a 1099. And with a 1099, the IRS will tax you.
Talk with a lawyer.
References :
The scenario you describe is happening a lot recently. The loans belonging to the 2nd lender have been "sold" to investors who paid 5¢ on the dollar for these "non-performing" loans. Then they go out and try to collect from you. In some cases you can pay them 6¢ on the dollar and they still make a profit…. and your credit is now cleared up. See if you can do this in person. Telephone and email are not very successful..
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