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Old 11-01-2010, 02:41 PM
 
2 posts, read 1,927 times
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Wondering if anyone else has been through this or something similar. Short sold home 2 years ago. Out of the blue start to receive calls and letters from collection agency for 2nd (20%- for purchase) mortgage. Have been paying all other bills/creditors on time with no late payments, etc. Wondering if this is isolated to short sales or does this happen with foreclosures also? Is this only happening to those that have good credit other than a short sale (credit was stellar prior to short sale..now it's "good")? Don't see how half the country has walked away from homes and only a select few are being pursued years later. Thanks.
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Old 11-01-2010, 02:54 PM
 
Location: Near a river
16,042 posts, read 20,108,340 times
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Quote:
Originally Posted by fluser View Post
Wondering if anyone else has been through this or something similar. Short sold home 2 years ago. Out of the blue start to receive calls and letters from collection agency for 2nd (20%- for purchase) mortgage. Have been paying all other bills/creditors on time with no late payments, etc. Wondering if this is isolated to short sales or does this happen with foreclosures also? Is this only happening to those that have good credit other than a short sale (credit was stellar prior to short sale..now it's "good")? Don't see how half the country has walked away from homes and only a select few are being pursued years later. Thanks.
Contact the Attorney General's office in your state right away.
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Old 11-01-2010, 02:56 PM
 
2 posts, read 1,927 times
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Originally Posted by newenglandgirl View Post
Contact the Attorney General's office in your state right away.
To let them know about this? Is this a scam? Thanks.
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Old 11-01-2010, 04:55 PM
 
Location: Near a river
16,042 posts, read 20,108,340 times
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Originally Posted by fluser View Post
To let them know about this? Is this a scam? Thanks.
Yes, to tell them your entire story. Urge their investigation.
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Old 11-01-2010, 08:25 PM
 
Location: Conejo Valley, CA
12,470 posts, read 18,234,115 times
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If the short sale was done properly,then you shouldn't owe anything, that is what it means to do a short-sale. Now, if you just sold your home for less then it was worth and a short-sale was never approved by both the 1st and 2nd mortgage holder then you could very well owe the money, its valid debt that can be collected. If the short-sale was kosher, then start to dispute the collection, but given that you're posting this here there is a pretty good chance you did not (you'd have the documentation, after all).

In a foreclosure, the lender can go after you for the amount you still owe.
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Old 11-02-2010, 01:45 PM
 
Location: Backwoods of Maine
7,320 posts, read 9,041,528 times
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Since it is the 2nd mortgage that the collection agency is calling about, I would wonder if you had the short-sale approved by BOTH the 1st mortgage lender AND the 2nd mortgage lender? This sounds like double-trouble. It's difficult enough to get an agreement from a 1st mortgage lender for a short sale. Having to get the 2nd mortgage lender to agree as well, would be double the work.

Did the 1st mortgage get totally paid off? Meaning, was the shortfall transferred to the 2nd mortgage? The 1st mortgage will always take precedence over a 2nd or HELOC. You say you had a 2nd; are you certain that they also agreed to the short sale, knowing that they would take the brunt of the shortfall?

You should be able to produce agreements from TWO lenders, not one. If you have the agreement from the 2nd mortgage holder, you have nothing to worry about.
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