A write-off doesn't mean that you are off the hook for the debt. In fact, expect to get debt-collection calls. Your second mortgage can be written off as a result of a loan-modification plan that you have defaulted on. Lenders can also write off the unsecured debt or second mortgage left after foreclosure or sale failed to pay off the debt. The write-off only occurs when the debt is delinquent.
Read more: eHow.com
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