New Jersey  |  Real Estate Law

Legal Question

Asked on: 1/05/12, 9:27 am

Our second mortgage is behind 5 months and has been turned over to a collection agency. The account has been charged off. What does that mean as far as foreclosure on the property?

1 Answer

Answered on: 1/05/12, 11:59 am by Walter LeVine

Means that there is still a possibility of a foreclosure, but no financial information was provided. It may be that mortgage holder has decided that the amount is too small to pursue, or some other reason not to pursue now. This may be considered the foregiveness of debt and create income tax consequences to you. This is a response to an Internet question and the reply is not intended to be legal advice or as creating an attorney-client relationship.

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Walter D. LeVine, Esq. 23 Vreeland Road #102 Florham Park, NJ 07932

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