I have a question regarding a second mortgage

I havea question regarding a second mortgage. I made the AWFUL mistake of taking out a second mortgage to consolidate some bills a while back. Side note NEVER NEVER do this!! Anyway, I had fallen behind on the payment and the company agreed to work with me to get the payments current. The next month, they sold my account to a company called Greentree. This company must be run by monkeys, no offense to monkeys.

The person I deal with is polite and nice but tells me things that he a) doesn’t remember the next time we talk and b) are not correct. This company will NOT work with me to modify the loan, so I have spent the past 6 months SERIOUSLY struggling to make the payments plus a little extra to get my past due paid off. As in, took a second job. They called me earlier this month and told me that due to my payment history, all calls would cease and that I could simply make the payment by the end of every month. Great, right?

So I call to day to report that my payment is on it’s way and should be in by tomorrow and my loan guys gets all stern and tells me that the account has been sent for charge off… What??? When I tell him that the payment is on it’s way, he acts like that makes it ok.

But the bottom line is that I am tired of this game. I am upside down on my house. I owe 106, the house is worth about 102 and the HE loan is for 32. I am scared of losing my house but the research I have done in my state indicates that it is more likely they would not come after the house, but simly charge it off, as they would lose money trying to get my house. If I stopped paying this loan, it would cause the release of a lot of stress. However, I am not wiling to risk my home for this.

Irresponsibility aside (I know it is irresponsible to just let them charge it off) does anyone have any insight to this? Has anyone been in a similar position? I’ve never been in that position, but my first reaction was to call an attorney. They’d be able to give you more information than any of us could.

A few things on which I would like to comment:

  1. a) Never take out a second mortgage to consolidate bills. I did the same thing a long time ago and still regret it.
  2. b) I tried a loan modification on my second mortgage and was told that was nearly impossible.
  3. c) My second mortgage is with Beneficial and I’ve been given the same run-around when I’ve been late. They tell me something and I follow through. The next thing I know they are sending back the checks telling me it is not enough even though that’s what the guy told me what to do. Now, even though it costs a little over five bucks a shot, I send a letter (registered mail) reminding them what they told me.

These second mortgage companies are vultures and some of us have been duped.

BTW, are people getting more collection calls lately? I’m getting these calls for bills that are very, very old and I’ll be sending out letters to tell them to stop calling.