Hi
I was wondering if there is a black and white answer to this question? Of course, the 2nd lender would like to receive their full payment from the borrower, however if the borrower were to make some amount of payment (less than the full payment), would that smaller payment keep the account from being charged off or sent to recovery dept? I appreciate any feedback. Thanks.
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I had a Chase 2nd that went to collections. The homeowner was only a few months behind.
The charge off company demanded more money than the first could allocate, so the buyer and agents had to chip in to make the deal work.
It has been my experience that best to do what you have to do to keep the 2nd from being "charged off". Trying to track down where the loan went and then dealing with someone who has bought the loan or with an attorney --usually does result - not only in more time and effort to get an approval --but more money and money from someones pocket -rather than the purchase price.
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