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I have first mortgage and a home equity loan. I am able to make payments on first mortgage but have defaulted on the home equity loan. The second lender is threatening to charge-off my account. Can he really do that? What should I do now?

You should negotiate with the second lender as soon as possible. If the account is charged-off and assigned to the collection agency, then you'll be in big trouble. The collection agency can sue you. They can even secure a judgment order from the court and garnish your wage. Therefore, you should negotiate an alternative repayment plan with your second lender as early as possible.

Sub: #1 posted on Thu, 10/21/2010 - 04:45


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