I was required to pay off my second mortgage back in November 2010. The amount was around $45000. I didn't have that much of money. So, I defaulted on it. My lender informed me that he is going to foreclose my home. My first loan amount is nearly $650,000. The fair value of my house is 550,000. Can my second lender foreclose my home? What should I do? I have applied for loan modification for the first loan.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.