What happens if my bank did not let me get a modification on my mortgage? 2 Answers as of March 13, 2012

The bank that has a second mortgage on my house would not give us a chance to try to get a modification and charged it off. What happens now?

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The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
If you are in default then they have the right to charge it off which means the company they sold the debt to will start making efforts to collect from you first by phone calls and letters and then they may by legal action to sue you in civil court.
Answer Applies to: New York
Replied: 3/13/2012
Law Office of Bijal Jani | Bijal Jani
Generally, if you continue to be in default, the second mortgage holding bank can seek to have a deficiency judgment against you, which would then be filed against the property.
Answer Applies to: New York
Replied: 3/13/2012
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