Why is my second mortage co so proactive?

[BK Overwhelmed]

I am just wondering...I have a first mortgage with Countrywide and a HELOC with COMPASS. We are surrendering house.

I have heard NOTHING from Countrywide and from the second day of filing COMPASS has filed a "Notice of Appearance" and today (13 days after 341) they did another "Notice of Appearance" and "Relief from Auto Stay"

Compass is in 2nd position....I would think Countrywide would be more proactive than Compass.

Thoughts???

[newme]

that's an interesting one... maybe COMPASS is a smaller bank, and have nothing better to do? Our first mortgage is with a smaller credit union, and they were very quick to lift the stay and everything. I was wishing our first mortgage was with countrywide, which probably would've given us more time in our house. oh well....

[Joe Farmer]

Because:

Prices are falling to the point now that second mortgages will become unsecured debt, so they would scramble to try to collect before prices fall further. My guess.