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Old 02-02-2010, 08:26 PM
 
1 posts, read 1,601 times
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Hi,

I need some advice. My rental in California foreclosed in August of last year. I tried to do a short sale but the it fell through, and consequently, the second mortgage didn not get any money. Both loans for were used to purchase the home.

I have already received a 1099 for the first mortgage, but the second mortgage sold their loan to a collections agency/mortgage servicer, who is trying to collect the balance.

Can someone tell me what options I have regarding the second mortgage? Is this a legit claim from the collections agency?

FACTS
State: California
Collections company: Real Time Resolutions Inc.
Property Type: Rental
Loan type: purchase money

Thanks in advance,
David
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