Loans, Debt & Credit - View Single Post

CaWalker · 12-17-2008, 04:27 PM

I had seen something similar, though not exact, about a month or 2 back.
Someone had been foreclosed upon and gotten a letter from an insurance agency asking for the whole amount with similar terms as yours.
At that time the only thing that made sense to me was that the bank took money from the Mortgage Insurance company and the company was now coming after the person who foreclosed.

I've not heard your situation before but I am assuming you've missed a few payments and have a recourse loan. Others here will give you a more accurate answer but I am thinking that the bank saw this as a recourse loan and saw the possibility of going after you and sold it to a collection agency.

OR

This letter is a scam. Someone knows you are in foreclosure and found out the bank name etc and wants to extract money from you.

12-17-2008, 04:27 PM	#2 (permalink)
CaWalker Senior Member Join Date: Sep 2008 Location: Greater Sacramento Region Posts: 109 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My 1st just sent me to collections??? I had seen something similar, though not exact, about a month or 2 back. Someone had been foreclosed upon and gotten a letter from an insurance agency asking for the whole amount with similar terms as yours. At that time the only thing that made sense to me was that the bank took money from the Mortgage Insurance company and the company was now coming after the person who foreclosed. I've not heard your situation before but I am assuming you've missed a few payments and have a recourse loan. Others here will give you a more accurate answer but I am thinking that the bank saw this as a recourse loan and saw the possibility of going after you and sold it to a collection agency. OR This letter is a scam. Someone knows you are in foreclosure and found out the bank name etc and wants to extract money from you.