2nd Morgage Holder

We owned an investment property in FL that was foreclosed on 8 January. The second mortgage holder sold the loan shortly afterwards. We are now receiving calls that the new "mortgage holder" which is actually a collection agency, wants the balance of the 2nd mortgage.

The bank has not sold the property yet, so we are wondering how the 2nd mortgage holder can ask for payment when the deficiency has not yet been determined. Do they have to get a deficiency judgment by the court first?



What are our options?

2nd Mortgage Holder

Can you tell me what has happened with your "collection" agency?

I have a 2nd that I'm 6 mo. behind and have tried to offer a settlement. They have denied that and said that in a couple of weeks, they will be taking the loan off their books and forwarding the loan to their collection attorneys. Perhaps they're really just selling it to a collection agency?

They said they will not foreclose, because they don't want to pay the 1st mortgage, but they will just get a deficiency judgment and come after any other income or assets that I have. I was told that my only choice in negotiating anything on my loan was before it gets forwarded to the attorneys. They said once it gets to the attorneys, I will be responsible for the balance in full.

I'm curious what this collection agency has done to you? Have they encouraged you to settle with a smaller balance? Have they gotten a deficiency judgment?