Posted on: 13th Jun, 2011 05:02 am
Originally had a 80/20 loan on home in Iowa. Home was forclosed on by Bank of America in August 2010 for the amount of the 1st loan. Real Time Resolutions now owns the 2nd loan and wants payments. Am I obligated to pay the 2nd loan?
hi guest,
you are obligated to pay the second loan. the second mortgage lender has now charged off the account and sold it off to a collection agency i.e. real time solutions. they have the rights to contact you for the payments. if you don't pay it off, it will be a negative mark on your credit report and will lower your credit scores.
you are obligated to pay the second loan. the second mortgage lender has now charged off the account and sold it off to a collection agency i.e. real time solutions. they have the rights to contact you for the payments. if you don't pay it off, it will be a negative mark on your credit report and will lower your credit scores.
Hi Adonis,
Thanks for the quick reply.
The collection agency has now given me options of either Settlement of Loan, Modification or Repayment Plan. I can only afford 10% of what is owed as a settlement. So I may submit that proposal.
If not, I may declare Chapter 7 or 13.
Does the collection agency have the right to sure me for what is owed or garnish wages? Anything like that?
Thanks for the quick reply.
The collection agency has now given me options of either Settlement of Loan, Modification or Repayment Plan. I can only afford 10% of what is owed as a settlement. So I may submit that proposal.
If not, I may declare Chapter 7 or 13.
Does the collection agency have the right to sure me for what is owed or garnish wages? Anything like that?
You can submit your proposal and check out if your lender will be ready to accept the amount you'll offer in settlement. In case you don't get a settlement, you can file Chapter 13 or Chapter 7 (your bankruptcy attorney will be the best to guide you in this matter). If the collection agency files a lawsuit against you and gets a judgment, then they will be able to garnish your wages.
I plan on sending Real Time Resolutions a letter of Validation. My question is would I put BofA as the Original Creditor? This is who Real Time got the loan from. Or can I put down Countrywide as the original creditor since I closed with them and made original payments to them before the loan was taken over by BofA.
Welcome Guest,
You don't need to write the name of the original creditor in your debt validation letter. If they really got the debt from them, then Real Time Resolutions will mention it while validating your debt.
You don't need to write the name of the original creditor in your debt validation letter. If they really got the debt from them, then Real Time Resolutions will mention it while validating your debt.