How to deal with a 2nd mortgage that has been sent to collections?
January 22, 2007 by admin
Filed under Questions and Answers
Chochi asked:
I’m currently on a repayment plan on a rental property for the 1st mortgage. The 2nd has been charged off by EMC mortgage and sent to an outsourced collection company called LCS. Does anyone have any experience on how to deal with LCS and what rights I have to settle this 2nd mortgage. Can they freeze my assets? Will they seek a Judgment?
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I’m currently on a repayment plan on a rental property for the 1st mortgage. The 2nd has been charged off by EMC mortgage and sent to an outsourced collection company called LCS. Does anyone have any experience on how to deal with LCS and what rights I have to settle this 2nd mortgage. Can they freeze my assets? Will they seek a Judgment?
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Landlord on Tue, 23rd Jan 2007 1:39 pm
Yeah, they are working on seizing assets, not freezing them (LOL).
What they can and can not do depends on your state. And yes, they will need a judgement, but that will be a piece of cake, you are either repaying the debt or not.