Posted on: 22nd Apr, 2009 12:05 pm
hi, i had my mortgage with chase home finance and haven't made a payment in a year to them. i went through the loan modification merry go round with them to no avail. about 3 months ago i recieved a notice from real time resolutions of dallas texas who state they have taken over the mortgage. they seem to be a debt collections agency. chase claims they have charged off the mortgage and i'm wondering what real time can do? it's not a second mortgage its the original. i live in michigan and my understanding is foreclosure is as far as they can go. i've been in mortgage limbo for a year. any advice?
Hi Ishtar,
If your loan has been charged off, then the collection agency has the rights to sue you for the debts. I guess Real Time Resolutions is a collection agency and henceforth they would collect the dues from you. You will have to contact them and settle your account with them. You may negotiate for a payment plan with them and clear off the dues.
Take care.
If your loan has been charged off, then the collection agency has the rights to sue you for the debts. I guess Real Time Resolutions is a collection agency and henceforth they would collect the dues from you. You will have to contact them and settle your account with them. You may negotiate for a payment plan with them and clear off the dues.
Take care.
they definitely cannot freeze any of your assets, such as a bank account, etc. as far as avoiding collections or settling, that is something you would likely be able to negotiate.
Yes, they may be able to freeze assets if the debt they purchased included a court judgement. RTR is not a collection agency. They buy and sell mortgage loans (mostly 2nd liens) and try to collect them. About 75% of what they buy are unsecured loans because the 1st lender already foreclosed. But the debt is still due. Even bankruptcy does not remove the lien from the house, as someone suggested.
If you owe a mortgage (either 1st or 2nd) and RTR owns it now, they can foreclose at anytime.
Bottom line (its kinda simple concept): if you borrow money and use your house as collateral, you have to pay the loan back or lose the house so the lender(s) can get thier money back.
If you owe a mortgage (either 1st or 2nd) and RTR owns it now, they can foreclose at anytime.
Bottom line (its kinda simple concept): if you borrow money and use your house as collateral, you have to pay the loan back or lose the house so the lender(s) can get thier money back.
extraordinarily simple, actually. as for freezing of accounts, though; that would require a suit. when a creditor has a judgment against someone, and that judgment goes unpaid, the creditor can execute against a bank account if an execution is sought from the court. a freeze is not an automatic thing.
You may need to file bankruptsy if the 80k debt is valid and they continue to pursue you.
We had a second mortage on the house that we had to let go, my name was not on the titile to the home but I was listed on the second mortage. My husband had to file bk and the house was sold, none on the money was put toward the second mortage, now realtime is trying to contact me to collect on the second mortage. what are my options.
Hi kahtn,
As far as I can understand, as your name is on the mortgage deed, the lender has assigned your account to the collection agency, Real Time. Thus, the collection agency has the rights to collect the dues from you. Your husband is not liable for the dues as he filed bankruptcy and got it discharged.
Take care.
As far as I can understand, as your name is on the mortgage deed, the lender has assigned your account to the collection agency, Real Time. Thus, the collection agency has the rights to collect the dues from you. Your husband is not liable for the dues as he filed bankruptcy and got it discharged.
Take care.
David Rosas in the previous post works or worked for Realtime Resolutions.
Brian Gramlick works with him and is a jerk.
Brian Gramlick works with him and is a jerk.
if you bought with a 80/20 loan and the home went to foreclosure, the debt was wiped out. This was all purchase money secured against the home. Ignore the debt collecter.
Because AZ is an anti deficiency state, I am thinking they can't touch me if it goes into foreclosure.
Hi RTR,
As Arizona is an anti-deficiency state, the lender will not be able to come after you for the deficient balance resulting from the sale of your primary property.
Thanks
As Arizona is an anti-deficiency state, the lender will not be able to come after you for the deficient balance resulting from the sale of your primary property.
Thanks
I recently successfully completed a remodification with AHMSI for My first Mortgage. All this time I thought it would be both my loans, I then was contacted by Real Time Resolutions "Demanding" payment for my 120k second. At first, I thought they were a sham. Then they mailed me a statement. Can they forclose even though my first has been modified?
hi jonas,
the first mortgage has been modified by the lender but the second mortgage has been charged off. the collection agency has the rights to contact you and collect the dues from you. you need to negotiate with your collection agency and try to get a payment plan which will make it affordable for you to pay off the dues. this, will help you in saving your property.
thanks
the first mortgage has been modified by the lender but the second mortgage has been charged off. the collection agency has the rights to contact you and collect the dues from you. you need to negotiate with your collection agency and try to get a payment plan which will make it affordable for you to pay off the dues. this, will help you in saving your property.
thanks
People don't understand what they are getting into when they take out loans - and feel like collections agency are stripping them of their rights - but they forget that they are the ones that get themselves in the financial trouble to begin with.
Most people complain about scams and wrong-doings from agencies - but really they should be thankful that they have options to do things such as SETTLE debts for LESS than the full amount - and MODIFY when they are significantly past due...
Most people complain about scams and wrong-doings from agencies - but really they should be thankful that they have options to do things such as SETTLE debts for LESS than the full amount - and MODIFY when they are significantly past due...
I work for a mortgage servicer that services charged off mortgages. We service 1st and 2nds. We have all servicing rights to the property. As the servicer we can foreclose on either of the mortgages. No the 1st will not pick up the debt of the 2nd. The only way to be placed with a servicer like we are and Real Time is if you have been more than a year without paying. The only thing that you can do is to pay your mortgages, both of them, because either the 1st or the 2nd has the rights to foreclose on a charged off mortgage.