Legal Question in Credit and Debt Law in Georgia

we took a 2nd mortage on our home in '98 to pay for home improvement. the contract was for 20 years, $409 a month. total was approximately 35,000; to date we have paid $69000; the loan has been turned over to 2 collection agencies. the company we had the loan with is no longer in business. is there a way be can ge out of this?


Asked on 5/19/12, 10:59 am

2 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

If you want to walk away from a debt, see a bankruptcy lawyer in your area. You may also lose the house if you can't pay the loans, depending on the circumstances.

Read more
Answered on 5/19/12, 11:09 am
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Generally the only way to get out of a mortgage loan is via bankruptcy. A side effect may be losing the home (although in some Chapter 13s you may be able to strip off a second mortgage).

Read more
Answered on 5/19/12, 2:43 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Georgia