I have a second mortgage that has been "written off".
I stopped making payments during a Chapter 13 which finalized last January. I'm concerned they could come to me to start foreclosure. I can't pay off the balance all at once. My main concern is whether the balance can grow while it's in "written off" status.
Your best place to ask the question is either to the attorney that may have helped with your BK filing or to the lender | 01.07.15 @ 21:44
Usually a bank writes off and sells the debt to a collection servicer who bought the debt for pennies on the dollar. They can pop out and start collections but they are in second position so your first would need to be paid in full first. Is there a great deal of equity? They will look at value of property verses what they can get. | 10.27.15 @ 20:42