2nd mortgage Chase - charged off and sent to Real Time Solutions Debt Collector bk7

[sadandconfus]

Hello,
Not sure of where to put this. I'm post bk7, 2009 and current on my 1st mortgage which was modified by Chase and living in house. Tried to modify 2nd mortgage but it was charged off by Chase because I didnt make a payment in a year and now sent to this debt collector. I now plan on staying in the house and I responded to them telling them it was included in the bk7 back in 03/2011. I know a lien exist and I read somewhere that they can collect fees and interest when I try to sell the house. Is that true?

I also read on here that some people have made payment arrangements with them.

If I make payment arrangements on this mortgage does that make me liable for it now?
Will contacting them to find out what options are available me me liable for it now?

[catleg]

Your personal liability for the mortgage is extinguished.
All they can do is threaten to foreclose against the property.
Eventually it will make sense if you pay down enough principal on the 1st.
But they really shouldn't be harassing you with collections activities.

[AngelinaCatHub]

Your personal liability for the mortgage is extinguished.
All they can do is threaten to foreclose against the property.
Eventually it will make sense if you pay down enough principal on the 1st.
But they really shouldn't be harassing you with collections activities.

Hello Catleg, been missing seeing you.

CL is correct. Ask them not to bother you again. They are a collection agency and buys you nothing. So a lien goes onto the house. So what. It will be a long time before you sell and if you have not reaffirmed your mortgage and you need to move, check the lien against the equity and walk if it won't make you a profit. You have nothing to lose if you stay and pay. They after a C & D letter will be breaking the law if they again harass you. 'Hub

[sadandconfus]

Hello Catleg, been missing seeing you.

CL is correct. Ask them not to bother you again. They are a collection agency and buys you nothing. So a lien goes onto the house. So what. It will be a long time before you sell and if you have not reaffirmed your mortgage and you need to move, check the lien against the equity and walk if it won't make you a profit. You have nothing to lose if you stay and pay. They after a C & D letter will be breaking the law if they again harass you. 'Hub

I dont know how to check the lien. I understand now, I'm afraid that after paying down the first mortgage for 15 years, I may have some equity and then they may try to foreclose. At this point in the game, I know I'm way underwater but I can't afford to move and don't want to stay with my parents. I have 2 young kids and have a teenager that I pay child support for. I'm comfortable paying my 1st mortgage until it gets paid off in 20-30 years, but at least it will be paid for. That is why I'm weighing the decision to try to pay the second. I was also told I could do a chapter 13 to strip the lien, but my credit has gone back up and I dont want to include my new car or new credit cards in the chapter 13. What do you all think?

[shark66]

You'd have to have a ton of equity in the house for the second to attempt foreclosure. Remember, we're talking a Sheriff's sale (or whatever's the norm in your state) where stuff gets sold way under the "normal" market price - and they have to pay the first one off...

You may want to try and settle with them for 5-10% of what the original note was somewhere down the line, but I would NOT be paying them one red cent on a monthly basis.

My $0.02 only...

Good luck to us all.

[sadandconfus]

I've made contact and they wanted an offer letter but they also wanted to know how much i still owed on first mortgage. They sounded like they wanted to help with the payment plan at 0% interest. I also mention to them about the possibility of trying to do a lien strip with a chapter 13. We will see when I get letter in the mail.

[catleg]

I'll just add that when I say "threaten to foreclose", it is a hollow threat unless there is substantial equity to be realized after a forced sale and a payoff of the 1st mortgage.
Chances are they are just jerking you around and you should just send them a cease and desist letter.

[GoingDown]

I agree. They are probably just jerking you around. Send them a cease and desist letter to shut them up.

[sadandconfus]

They haven't bothered me since 3/2011, i read somewhere on the internet that even though the 2nd is iib, but you are in the house, the interest and fees are still accruing and thats what scared me. I know eventually i will have some equity in this house may it be 15 years or 20 years.

[sadandconfus]

I received a letter from them. They said I can pay for a year and then the terms would be the same as before I defaulted. That is ridiculous I won't be able to make the payments. I will send them a settlement offer and see what they say. If they don't take it then I won't do anything else.