Posted on: 29th Oct, 2008 07:13 pm
What a great forum! I've been searching the net for the last few months trying to educate myself regarding our current loan situtation. My original loan servicer started the foreclosure process back in August, but it was "delayed" because we applied for a few programs through PHFA (HEMAP & HERO programs in PA). Our applications were denied on 10/13/08, and our original loan servicer filed for foreclosure again on 10/16/08. The question: The servicing of our mortgage (with no 2nds) was sold to another servicer on 10/1/08. Will his foreclosure process continue even though they are no longer service our loan?
As far as I know, the foreclosure will continue and it may be carried out by the new servicer. You should have a talk with the new servicer as to what they intend to do with your loan. Depending upon that, you can also request for a work out plan to avoid foreclosure.
Hi Alwaysbuilding,
The original servicer may have passed on the servicing rights to another servicer. But this doesn't mean that the property won't be foreclosed. Most probably the new servicer would foreclose it. You should have a straight talk regarding this both with the old and the new servicer.
Regards,
Jessica.
The original servicer may have passed on the servicing rights to another servicer. But this doesn't mean that the property won't be foreclosed. Most probably the new servicer would foreclose it. You should have a straight talk regarding this both with the old and the new servicer.
Regards,
Jessica.
