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Resurgent Mortgage Servicing now has my loan from BofA

Discussion in 'Stop Foreclosure and Tell Us Your Story' started by NovaBlue, Apr 18, 2013.

  1. NovaBlue

    NovaBlue LoanSafe Member

    I am new to the forum but have read some about BofA dumping some of their loans. I was notified on April 1st that Resurgent Mortgage Servicing will now service my loan. I have yet to receive anything from Resurgent and of course am not in their system. Prior to that on March 21st I received a second Notice of Intent to Accelerate and Foreclosure. The first one came around in September 2012. It's been 12 months since I have made a payment when my toxic ARM jumped about $700 in May 2012. Two nights ago some cat from LandSafe showed up at the house at 7:30PM wanting to take pictures. He had the ominous manila envelope in hand and told me to call the bank. He had the BofA phone number but listed Chase, who never serviced this loan, but nothing about Resurgent. I called BofA who promptly told me that they no longer had my loan. I would like to stay in the house mainly because it is convenient and because rent in Northern Virginia in ridiculously expensive. I also have a Chapter 7 discharge from 2009 and this house is included in it. I filled out the paperwork for HAMP or HARP or whatever it was and was offered a trial mod but my payment actually went up $100 with the fixed rate. I explained that there wouldn't have been a problem in the first place if my ARM had not skyrocketed with the toxic mortgage. Is there any negotiating with Resurgent Mortgage Servicing? I am not even sure where I stand with them since I am still not in their system. I would like to stay but know I have the out because of the BK if it comes right down to it. Is anyone out there familiar with Virginia foreclosures, i.e, what's next after the NOI; how much longer do I have in the house; can I prolong the process?
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Welcome and thanks for joining the forum Novablue,

    When your account is transferred from one mortgage servicer to the next it could take up to 30+ days before the transfer is fully complete. Unfortunately, there is really nothing BofA or Resurgent can do at this point until they have your loan updated in their systems. I'm sorry to hear you were on an ARM that increased such a significant amount out of the blue. This is one major reason why our country has endured such a major foreclosure crisis as lenders were handing out these loans like candy to unsuspecting buyers..

    It sounds like you were approved for HAMP and in some cases a modification can increase your payment when they add in principle, taxes, and insurance to your monthly payment. Was the payment thy offered for the modification about 31 percent or less than your gross monthly income?
  3. NovaBlue

    NovaBlue LoanSafe Member

    Thanks for responding Evan. You all are doing a good work here. Yes, the fixed rate was at about 31% of my gross. But how realistic is that given life's other other expenses including an extremely high cost of living in the DC metro area? Preaching to the choir I know. The BofA NOI was for April 30th to initiate one of their options. Would you happen to know if Resurgent mirrors BofA in their course of action? Right now I'm trying to figure out how much time I may have. For some reason I don't feel guilty about milking every day I can get out of the bank. If they will work with me I will work with them, but will they is the question? This hardline government program 31% thing just isn't working for me.
  4. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    I feel where understand where you are coming from and the whole 31% guideline definitely does not meet everyone's financial budget.. However, you can continue fighting and try for an in-house modification to see if they can possible lower your payment further. Resurgent does not seem to participate in the government programs so HAMP's guidelines will not apply once your loan has been transferred..

    An NOI is just the first stage of the foreclosure process/collections and it could be many months before an actual foreclosure auction is scheduled.. I would expect at least 4-6 months from this point and if you are actively trying to avoid foreclosure it could be postponed well beyond that. Here check out this thread, it has some great strategies to help drag out the foreclosure process:

    http://www.loansafe.org/forum/chase...hase-story/39091-hampster-wheel-game-111.html
  5. NovaBlue

    NovaBlue LoanSafe Member

    Would having a lot of debt help to get the mod payment down? I have very little debt. No vehicle loans, student loans, credit cards, etc, just the monthly gas, groceries, utilities type stuff.
  6. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    No, having a lot of debt definitely does not increase your chances at obtaining an affordable modification. These banks can care less about the other debt you have acquired. The lowest payment anyone can achieve for a loan modification is a monthly payment that equals approximately 25-31 percent of your gross monthly income.
  7. NovaBlue

    NovaBlue LoanSafe Member

    I had a NACA phone interview on 5/20. The lady who had my file had me more confused than ever. I had to correct her math on two occasions. The budget she put together INCREASED my "affordable" payment another $500??!! One of the reasons I am even deeper in this pit is because my payment initially increased $700 and made it not affordable. When BofA had the loan and offered me the first mod several months ago it was only $100 more that the initial increase and fixed. My income didn't increase. How can this be? I'm almost positive BofA only took my government base salary and did not factor overtime which is not an entitlement and can be taken away at any time. I'm really going to look ridiculous since NACA says I can afford an even bigger payment.
  8. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Is the payment NACA is stating you can afford approximately 31 percent or less of your gross? If you do not feel you are getting anywhere with NACA you may want to consider a "for-profit" such as the Loan Mod Help Center. They will completely review your situation before taking on your loan and will not charge a fee until the modification has been achieved. They will also advise you immediately whether or not you seem eligible for a loan modification under various programs.. If you would like to contact LMHC, email Michael the following inputs:

    loansafe@loanmodhelpcenter.com

    1. Loan Balance Now=
    2. Past Due if any=
    3. Gross Monthly Income for Borrower and Co Borrower=
    4. Mortgage Payment without taxes and insurance (do not include taxes and insurance) =
    5. Real Estate Taxes per month=
    6. Hazard Insurance and/or HOA per month=
    7. Home Value (check zillow.com or chase home value estimator)=
    8. Mortgage servicer and Investor (check if fannie or freddie or MERS below links)
    9. Other monthly debt payment total for credit cards and collections =
    10. Current interest rate =
    11. Fixed Rate or Adjustable Rate? =
    12. Have you been modified before? if so, what date? =
    13. When did you get this loan, what year? =
    14. If you own any other properties, it is best to set an appointment to discuss =

  9. NovaBlue

    NovaBlue LoanSafe Member

    I think that is where I am confused. BofA originally calculated my payment at 31% of my gross from my base salary and did not include any overtime. I think NACA used the base plus overtime as my gross and calculated the 31% payment. I would contend that overtime is not an entitlement and can be taken away, decertified by my employer, etc., at anytime. It's certainly not automatic. My bi-weekly pay stub has the overtime added in but it is all broken down. Even at the BofA 31% amount I would have had to quit contributing to my Thrift Savings Plan to make the payment.
    Last edited: May 31, 2013
  10. NovaBlue

    NovaBlue LoanSafe Member

    I was dealing with Resurgent and now they changed their name to Shellpoint as of March 1. Anyway I faxed and mailed and called and faxed and called some more regarding my loan mod. Yesterday I checked my Resurgen/Shellpoint account online and noticed i was not approved...again. My account indicated I was missing paperwork that I had faxed, mailed, called about numerous times since November. The same lady has been handling my case since Resurgent got the package from BofA a year ago. When i call her i get her voice mail but her mailbox is always full. I used to get a robo-type call that repeated "Hold on for an important message...hold on for an important message...etc. Now i'm just waiting for the sheriff unless there is something else I can do. It's been 22 months.

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