We do now...this is a second mortage on a home that was foreclosed on in 2011 the balance on this account has never moved we have been paying for ten years and its $15, 000.00 still we recently got behind on this loan and ask for assistance but they wanted us to pay more monthly ........this letter came regular mail and wondering what we can do next ?we live in Georgia but his employer is in South Carolina if that matters any.......
When the lender with the first mortgage foreclosed the home, the security interest of the second mortgage holder was wiped out on the day of the foreclosure sale. What is left is an unsecured claim on the note, which carries normally a 20 year statute of limitations, because it was a contract executed under seal. The acceleration letter is a prelude to a lender filing suit on that note. If the lender sues you and obtains a judgment, they can levy your property and garnish wages in the state of Georgia. South Carolina does not allow wage garnishments, so that could buy your husband some time concerning garnishment of his paycheck. This is such a large collection, that I would consult with a bankruptcy attorney, and see if you can file a Chapter 7 case, and discharge this mortgage loan balance.
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