Short Sale Specialist Network
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How to Avoid 2nd Second Loan Being Charged Off & Sent to Recovery - Collections ?
Hi
I was wondering if there is a black and white answer to this question? Of course, the 2nd lender would like to receive their full payment from the borrower, however if the borrower were to make some amount of payment (less than the full payment), would that smaller payment keep the account from being charged off or sent to recovery dept? I appreciate any feedback.
Thanks.
Tags: 2nd, charged, collections, lender, loan, off, recovery, second
Replies to This Discussion
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Permalink Reply by Joseph C. Alfe on -
it can, yes. This is by no means guaranteed so ask your contact at the 2nd and propose it. Sometimes getting the loan sold is the best thing though.
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Permalink Reply by Sara Mehrpouyan Los Angeles CDPE on -
Joseph, they said anything less than full payment means nothing. In the past, I had one lender tell me that there was a minimum payment that would keep it "active". I guess there is no right answer, unfortunately.
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