Posted on: 28th Oct, 2010 08:41 am
I have a similar question, but a little different situ.
My property is a rental apartment. I am in the midst of a short sale, but Bank of America (the second lien holder) signed off on the short sale, and sold the loan to Real Time Solutions. Since the property will be sold, there is nothing to foreclose on.
I suppose they will continue to call me. Can they sue for non payment? I don't see why they don't sue Aurora loans, the first lienholder, since they got most of their money back through short sale proceeds and interest paid.
Any answers/ideas out there?
My property is a rental apartment. I am in the midst of a short sale, but Bank of America (the second lien holder) signed off on the short sale, and sold the loan to Real Time Solutions. Since the property will be sold, there is nothing to foreclose on.
I suppose they will continue to call me. Can they sue for non payment? I don't see why they don't sue Aurora loans, the first lienholder, since they got most of their money back through short sale proceeds and interest paid.
Any answers/ideas out there?
Aurora, being in first position to begin with, cannot be sued by anyone here for a portion of their funds. When mortgaging a home, the primary lender is always in first position - the first to be paid in full, if there's sufficiency to do so. Any lender behind the first mortgagee is out of luck if the equity is lacking. Their only option is to seek repayment from the homeowner who's no longer a homeowner, as noted here.
Thank you for your note. My ultimate question is: how should I handle Real Time Resolutions? Can I just ignore them and will they go away?
BTW, Aurora is STILL holding up my short sales. This has been going on since April!
BTW, Aurora is STILL holding up my short sales. This has been going on since April!
Hi musicalitie!
Welcome to forums!
You cannot avoid Real Time Resolutions if the lender has sold off the mortgage to them. They will harass you for the payments. You should contact them and negotiate with them to get a payment plan to pay off the dues.
Sussane
Welcome to forums!
You cannot avoid Real Time Resolutions if the lender has sold off the mortgage to them. They will harass you for the payments. You should contact them and negotiate with them to get a payment plan to pay off the dues.
Sussane
Sussane, please be careful with your verbiage. To say that they will "harass" our poster for payments is rather a harsh way to put it. Creditors may not harass debtors, after all, and if a creditor makes 20 phone calls to a home in a day, as an example, it's not harassment unless the borrower happens to answer on several of those occasions. If the borrower never picks up the phone, it's not going to count. Harassment is a whole 'nother thing from regular collections efforts, after all.
Your ending sentence makes a good deal of sense, however; the poster is wise to negotiate to the best of his or her ability.
Your ending sentence makes a good deal of sense, however; the poster is wise to negotiate to the best of his or her ability.
I am in the process of buying a short sale. The first lien holder is counteroffering for 120,000 (short sale in MLS is 114,900) but the 2d lien holder Real Time Resolutions wants the buyer t come up with 12,000 which they don't have. What are my options since the tittle company (Mason Tittle) does not want to show me any counteroffers fom both lien holders? Am I entittle to see the counteroffers? They stated that they cannot do so and I have 72 hours to respond. thanks
As far as I know, you are not entitled to check the counteroffers. It will be better if you could respond within 72 hours whether or not you're taking the property. I feel, as there are problems, it will be better if you could look out for some other property.
George M. Akerley,
20 phone calls to a home in a day..."harassment"you can read it you self:HARASSING TELEPHONE CALLS FROM BILL COLLECTORS...
Don't Be a Victim
If you're in debt, you have the right to be free from unfair treatment by collectors. It's illegal for a collector to contact you at unreasonable times or places, and they can't contact you at work if you inform them that your employer doesn't allow it.
When you have a lawyer, the debt collector must communicate with your lawyer, not with you. The collector can't harass, oppress or abuse you or others whom they contact about you, such as family members, employers and friends. They also can't mislead you or lie.
20 phone calls to a home in a day..."harassment"you can read it you self:HARASSING TELEPHONE CALLS FROM BILL COLLECTORS...
Don't Be a Victim
If you're in debt, you have the right to be free from unfair treatment by collectors. It's illegal for a collector to contact you at unreasonable times or places, and they can't contact you at work if you inform them that your employer doesn't allow it.
When you have a lawyer, the debt collector must communicate with your lawyer, not with you. The collector can't harass, oppress or abuse you or others whom they contact about you, such as family members, employers and friends. They also can't mislead you or lie.
Hi Chip,
The Fair Debt Collection Practices Act or FDCPA was formulated by the Congress in order to help the consumers against the illegal and harassing acts of the debt collectors. So, if a debt collector is harassing you, the FDCPA will help you in dealing with them.
The Fair Debt Collection Practices Act or FDCPA was formulated by the Congress in order to help the consumers against the illegal and harassing acts of the debt collectors. So, if a debt collector is harassing you, the FDCPA will help you in dealing with them.