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Real Time Resolutions

Discussion in 'Stop Foreclosure and Tell Us Your Story' started by BARay, Apr 22, 2011.

  1. BARay

    BARay LoanSafe Member

    Ok, make a story short I got a loan for a house through Chase. I had lots of troubles and could not pay the note. After a few years I have entered into an agreement with Real Time Resolutions. They dropped my payment to 300 dollars a month at 0% intrest. I have been making these payments for better than 6 months now. Today i get a letter in the mail and they (Real Time) wants to settle for 9,450.98. I just do not get it! I am so lost in all this. I am a father of four. We still live in this house and if there is any possibility of saving it, I would do anything but, I am afraid to do anything. My account balance is over 37,000 dollars. I am way over my head here. I sure could use some help from anyone. If i can come up with this money, will the house be mine? What is the deal here. Can they still take my house?
  2. LoanModHelpCenter.com

    LoanModHelpCenter.com Loan Mod Expert

    GROSS INCOME
    CURRENT PAYMENT
    LOAN BALANCE
    PAST DUE
    TAXES
    INSURANC

    That is a great start so i can begin to help you
  3. TomEason

    TomEason LoanSafe Guide Staff Member

    BARay
    Thanks for your post and welcome to the forum. Here's what your fellow forum members need in order to help you. 1) your state 2) estimated home value 3) loan balance(s) 4) is/are the loan(s) purchase money. In addition, can you clarify for me. Did Chase sell your loan to RTR? Or do you have a 2nd mortgage owned by RTR? Thanks.
  4. BARay

    BARay LoanSafe Member

    I live in Ohio. Value would be 30 to 35 thousand i am guessing 40 tops. My loan balance the sent to me is 37,803.92. They say 25% is $9450.98 I currently pay a monthly payment of $300 at 0% intrest, in hopes this will save my place. The loan was a purchase loan. I have no second mortgage so I am guessing that it was sold. This was one single loan. I paid up the property taxes and they are current, in hopes this would help.
  5. TomEason

    TomEason LoanSafe Guide Staff Member

    BARay
    Thanks for your update. I think I understand now. I'm familiar with RTR; this is a mediocre outfit that buys debt (loans) by the hundreds at very low prices. Then, when they settle, they still make money. RTR is making this offer because they realize the loan may be partially underwater. In your case, for a payment of $9,450.98, you would own the home free and clear. In return for your payment, a condition of the settlement would be extinguishment of the lien. I believe you can strike a better deal. I suggest you set an affordable target price, then counter RTR's offer at a price lower than your target price, and again a price you can afford to pay in a lump sum. Use known and proven negotiation techniques. Write yourself a script if necessary so that you don't get drawn into disclosing personal or financial info. For some applicable negotiation tips, visit the "Strategy for Settling Your 2nd" thread in the debt settlement forum. Read the two page primer at the thread starter post. Pay particular attention to the negotiation guidance. Good luck; you can do this.
    1 person likes this.
  6. Cat Damiano

    Cat Damiano Mortgage Wars

  7. BARay

    BARay LoanSafe Member

    Settling My second? Does this in fact mean that i do have a second mortgage? I have read this section, it seems very overwhelming. I plan to call Real Time on Monday, is this a good idea? Does Real Time own my loan and house now? Should I just let this offer pass? I live paycheck to paycheck here. I have a small savings but nowhere near what they are wanting. Should I apply for a loan from a local bank to get the funds to pay the house off. I do not see a point in negotiating with them when I have very little funds to do so. Any information or advice would be greatly appreciated. Thank You for your time and help given.
  8. TomEason

    TomEason LoanSafe Guide Staff Member

    BARay
    We know you don't have a 2nd. You were referred to that thread for tips on settling a loan and negotiating. Yes RTR owns your loan but you own your house. Before you call RTR, please prepare beforehand, to include rereading the primer you were referred to, paying particular attention to the negotiating tips. If you want to settle with RTR, you will need to set your target price, one that will satisfy you and which you can afford. The benefit for your in settling would be owning the house free and clear of any loan. If you/re not able to afford to make any payment in a settlement, then simply decline their offer and continue making payments according to your agreement with them. You can do this! Good luck.
  9. brohemianrhapsody

    brohemianrhapsody LoanSafe Member

    The letter was designed to say keep on paying your monthly payments. If you are able to settle for less than the full price with a lump sum, then $9,450.98 would be a good number, if not don't worry about it.

    Also, rtr doesn't buy any loans. The loans are simply transferred and they get a percentage of what they collect - pretty much a no-lose for them.

    (yes, i work at rtr)
  10. eieio

    eieio LoanSafe Member

    RTR employee - curious about RTR policies. I have many clients that owe you and are not paying due to foreclosure etc yet it is showing on their credit report that this account is active and delinquent. This is a collection of a second lien that was collateralized by real estate that has been sold. I am looking for some sort of resolution for them on the reporting and seem to get no where. Any suggestions?
  11. TomEason

    TomEason LoanSafe Guide Staff Member

    eieio

    Thanks for your post and welcome to Loansafe.

    Since the RTR loan is a SOJL, it is still a debt even though no longer secured by the property. RTR can continue reporting for up to 7.5 years from the date of the first delinquency. The governing law is the FCRA.
  12. eieio

    eieio LoanSafe Member

    Yes they can report a debt but they cannot report a balance. In non-recourse states on purchase money loans which these are the debt is dissolved at the sale of the property. Just as any 1st lien holder reports a foreclosure in a non-recourse state they also have to report a 0 balance and a charge off at the point of sale. RTR is reporting an open active account with a recurring 120 day late on more than 30 of my cases in one non recourse state alone. Many of these are 6 years from the date of sale.
    FYI I am an FHA, FNMA, VA, USDA, FHLMC mortgage loan underwriter and am well versed at buyer risk analysis. If a company wishes to inflate that risk they need good reason and I am here to welcome that reason from RTR or its representatives. The employee I am speaking about is the Bohemianrhapsody post above.
  13. eieio

    eieio LoanSafe Member

    see my response below.
  14. TomEason

    TomEason LoanSafe Guide Staff Member

    eieio

    Thanks for the update. In your earlier post, you didn't state the loan was purchase money in a non-recourse state so I had assumed the RTR loan was a recourse SOJL. If it were a recourse SOJL, the RTR debt would still be valid and can be reported to the CRAs by RTR for up to 7.5 years.

    If you feel RTR is reporting erroneously, I recommend you have your clients write a letter to RTR citing the FCRA and the remedies for violation of the reporting requirements in that law.
  15. eieio

    eieio LoanSafe Member

    yes I agree and we have done so with no response. Also have contacted the bureaus and RTR ignores the request and continues to violate FRCA. Next step is FTC I know but I was curious what an employee might have to say about their behavior. If you google this problem you will see that its widespread. There are several non-recourse states and this company is based in TX which is their largest concentration of loans as well as where I am based. Without legal threat we cannot seem to stop them. Slippery slope in my opinion.
  16. TomEason

    TomEason LoanSafe Guide Staff Member

    eieio

    Thanks for your update. If letters have been unanswered, you might have clients address a letter to RTR's CEO and sent CMRRR. In the letter, threaten follow up civil action as well as regulatory action by the FTC.

    Good luck.
  17. Essence

    Essence LoanSafe Member

    RTR contacted me today to say that have been contracted by Fannie Mae to help me with my loan. B of A is my servicer which we have been trying unsuccessfully to work with, the RTR rep.said that once we filled out the packet they e-mailed a Fannie rep.would call for a phone appt.which the RTR rep.set for nov. I have never heard of this so I want to find out if this is legit before we send them all of our personal information. Does anyone know who I should contact to confirm whether this is legitimate? Thanks in advance!
  18. TomEason

    TomEason LoanSafe Guide Staff Member

    Essence

    Thanks for your post and welcome to Loansafe.

    This sounds like BS to me (but what do I know). I recommend you make no disclosures to RTR. I've never before heard of this sort of activity by RTR. I do have some experience with RTR on a 2nd which CW now BOA sold to them. But no experience on their involvement with a 1st.
  19. Essence

    Essence LoanSafe Member

    Thanks! I am going to try to contact Fannie directly.
  20. Angela W

    Angela W LoanSafe Member

    We recently had a rental property go into forclosure. We live in Arizona and the 1st on the property was covered under the anti-deficiancy statue. However, there was a 2nd on the property which was through BofA and is a recourse loan. It isn't a large amount around $13,000. We received a letter from B of A stating that the loan will now be serviced through Real Time Resolutions I have left several messages with them and have had no response. We would like to settle the debit with them with the little money we do have in savings. We would like this to happen as soon as possible. In hopes of restoring our credit a little faster. Any suggestions of how we should deal with Real Time Resolutions?

    Thank you!

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