2nd Loan Lien Judgement

[doug789]

What is the name of your state? Georgia I had a second mortgage placed in lien judgement in 1999. The balance at that time was 29K and now with interest it is over 48K. The collection agency that has the loans call me about twice a year to ask me if I have all of the balance and of course I don't. Last week they called and again asked if had the entire balance, but this time they told me that if the balance with interest keeps rising the loan company will force me sell the home or be evicted. They said that this could happen at anytime, but more than likey when the second loan exceeds the first loan. can you tell me is this possible, and give any advice.

 

[HomeGuru]

What is the name of your state? Georgia I had a second mortgage placed in lien judgement in 1999. The balance at that time was 29K and now with interest it is over 48K. The collection agency that has the loans call me about twice a year to ask me if I have all of the balance and of course I don't. Last week they called and again asked if had the entire balance, but this time they told me that if the balance with interest keeps rising the loan company will force me sell the home or be evicted. They said that this could happen at anytime, but more than likey when the second loan exceeds the first loan. can you tell me is this possible, and give any advice.

**A: your post is confusing.

 

[doug789]

Sorry for the confusion. I will leave out the reference to the collection agency. My 2nd mortagage was placed into a lien judgement due to none payment in 1997 (4 payments missed). It was 29K at that time, but is now 48K with accrued interest. They want the 48K or may foreclose on my home. Why have they waited this long to talk about foreclusre and what if any options do I have.

 

[HomeGuru]

Sorry for the confusion. I will leave out the reference to the collection agency. My 2nd mortagage was placed into a lien judgement due to none payment in 1997 (4 payments missed). It was 29K at that time, but is now 48K with accrued interest. They want the 48K or may foreclose on my home. Why have they waited this long to talk about foreclusre and what if any options do I have.

**A: still confusing. A second mortgage lender already has a lien or encumbrance on the property. That is why it is called a mortgage. And they can wait as long as they want to, but you do not have the time. They have a right to foreclose just the same as a first mortgage lender.

 

[doug789]

Thanks, I was told that one of the reasons why they waiting so long to start talking foreclosure was because they wanted to wait until the accrued interest balooned up the amount owed. Is this something they normally do?

 

[HomeGuru]

Thanks, I was told that one of the reasons why they waiting so long to start talking foreclosure was because they wanted to wait until the accrued interest balooned up the amount owed. Is this something they normally do?

**A: no they are idiots that practice poor management and loan servicing, and you are the same for not paying or doing some sort of workout early on rather than ignoring the problem.