Confused in MI

[DonnyH]

My first mortage was recently sold from BoA to Greentree. With BoA I incurred lates charges and other fees because of one missed payment. It appears that Greentree is also trying to recoup these late charges as well. Greentree has sent papers saying they have our loan etc. But they never sent out anything showing the exact amount for the lates fees and other charges we incurred with BoA. Also if we decide to go through the whole foreclosure process how will that affect our second mortage that is with someone else?

[Evan Bedard]

My first mortage was recently sold from BoA to Greentree. With BoA I incurred lates charges and other fees because of one missed payment. It appears that Greentree is also trying to recoup these late charges as well. Greentree has sent papers saying they have our loan etc. But they never sent out anything showing the exact amount for the lates fees and other charges we incurred with BoA. Also if we decide to go through the whole foreclosure process how will that affect our second mortage that is with someone else?

Welcome and thanks for joining the community.

It generally takes about a month or so for your loan to be fully updated in the servicers system once it has been transferred. They should be letting you know soon how much your next payment is and when it is due.. In regards to your second mortgage and foreclosure, are you saying you plan on walking away from the first mortgage but keeping making payments on the 2nd?

Below are some good threads about Michigan's foreclosure laws:

Changes coming to Michigan foreclosure law?

Michigan Foreclosure Law

[DonnyH]

Welcome and thanks for joining the community.

It generally takes about a month or so for your loan to be fully updated in the servicers system once it has been transferred. They should be letting you know soon how much your next payment is and when it is due.. In regards to your second mortgage and foreclosure, are you saying you plan on walking away from the first mortgage but keeping making payments on the 2nd?

Below are some good threads about Michigan's foreclosure laws:

Changes coming to Michigan foreclosure law?

Michigan Foreclosure Law

.


That's where I'm confused at since both loans are with two different entities. I like my house but like everyone else I was looking for better rates and one missed payment and all this. Greentree says I have until Friday to make my first payment before they would consider looking into modification for me. I can't afford to make the late charge payment without draining my savings. Couldn't they add that into my monthly payment and still get their money?

[Evan Bedard]

Well your second mortgage is not gonna be affected if you missed one payment on your first.. Are you still trying to get a modification on your first or are you just trying to take care of the missed payment?