How To Deal With A 2nd Mortgage That Has Been Sent To Collections?

I’m currently on a repayment plan on a rental property for the 1st mortgage. The 2nd has been charged off by EMC mortgage and sent to an outsourced collection company called LCS. Does anyone have any experience on how to deal with LCS and what rights I have to settle this 2nd mortgage. Can they freeze my assets? Will they seek a Judgment?

Can I Get A Refinanced Mortgage If I Start A Home Business With No Employees And Still Work My Regular Job?

I want to refinance my mortgage and I want to start a home business before doing so. It would have no employees and I would still keep my current job. My home business will not require any due balances or credit lines to increase my debt. Would mortgage companies see the worry that I would quit my regular job or would they trust that I would maturely handle the mortgage payments? In other words, would I have no problems getting refinanced under these conditions. My credit score is about 650 and I’ve been at my current job for 1 1/2 years but have had steady employment for a long time. I have also paid my mortgage on time for 12 months.