Foreclosure in Southern Oaks>Question Details

Mysteryvxn, Other/Just Looking in Orange County, CA

My house foreclosed in July '08. I just received a collection notice in the mail and am now receiving calls

Asked by Mysteryvxn, Orange County, CA Mon Dec 8, 2008

from collectors that I never got before. They are trying to collect a large amount of money from my 2nd loan that of course went unpaid. What am I supposed to do now? I thought it is done and over with now that the house foreclosed? I thought someone told me they would tax me on this stuff when tax season rolls around. Does that sound right? Do I call these collectors back? Are they going to hunt me down forever? Am I in danger of going to court? What is everyone else doing in this country who is also facing/faced foreclosure? I live in Southern California. Please, HELP!!

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Hi Nancy,

Please click on my profile and you will find more info on this from another thread I started. Good luck.
0 votes Thank Flag Link Wed Dec 10, 2008
I'd really like to know the answer to his question as I also just received a collections notice for $210,000 from my 2nd loan... What can we do about it? Is there anything we can do about it?
0 votes Thank Flag Link Wed Dec 10, 2008
Thanks for responding so fast. The loan was initially given to help purchase my home. I had a first and a second loan. The second was not as much as the first loan. Then about 2 yrs later I refinanced that loan and took the money. Then 2 yrs after that, the house foreclosed. Someone did tell me that the first loan the banks take care of, but the 2nd gets the shaft. Then, I was told they will probably 1099 me or something like that. If the answer is that I don't need to pay it off, what do I do? Call them? I would rather this matter be done by tax season. Or is this going to be drawn out for awhile? I, obviously, do not have the money for this loan. I also do not make the kind of income to have such a loan. Help again!!!
0 votes Thank Flag Link Tue Dec 9, 2008
Was the second loan all used to purchase the house...or was money pulled out for other reasons? If the second was all purchase money, you should not be responsible for the chargeoff.

Feel free to contact me thru my website for help.
0 votes Thank Flag Link Mon Dec 8, 2008
The Hagley G…, Real Estate Pro in Pleasanton, CA
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