This is directed towards the Prof, but anyone with info or experience is welcome to post....
second mortgage w/Specialized Loan Servicing, purchase only,
CA, 2005, 172K
No payments since Nov 2008 (7 mos)
House value approx 450K, purchase price 672K
1st mortgage = 500K, awaiting loan mod
Auction Date: 06/15/09
Prof: I spoke with the second lender today. They said that the account was going to go to "recovery" at the end of the month.
I googled "specialized loan recovery dept" and came up with a job description for the position ( I guess they are hiring....surprise). The position was for "charge-off recovery".
At any rate, can you tell me something about what I might expect at this stage of the game, based upon your industry experience?