2nd purchase money mortgage with Real Time Resolutions now

hardatworkapril

LoanSafe Member
Oct 23, 2018
1
0
1
We purchased our house in 2005, with Option One mortgage, it was transferred a couple times and when it went to AHMSI they did a modification on the first, and we are current and have been since, but nothing was done with the 2nd. It was sold to real time resolutions back in 2009 or 2010 and we have never made a payment to them. The original 2nd mortgage was just under $100k. We stopped getting phone calls a couple years ago, every once in a while we get a random statement from them showing the balance is $145k now. All of a sudden they are calling us again? Daily from different phone number every day. I asked them to stop calling me and do everything in writing (which I did several years ago as well). I would like to settle with them to get the mortgage off the house any advice? I have about $15k in cash I can pay as a settlement which is about 15% of the original mortgage, any advice? Don't know if there is a statue of limitation? It's been 10 years and we haven't paid them a penny? Is there anything I can do without payment them to get it removed?
 

OneHugeMess

LoanSafe Member
May 30, 2016
595
53
28
What State are you in?
Was the Loan apart of the home purchase, or a refinance? Cashout?
What is the Balance on the First?
What is the last known balance on the 2nd?
What is the Home Value according to Zillow?
Is the home worth more than when you took the loan out?
Have you filed for Bankruptcy in the past?

If you answer these question, we can give you a lot more specific advice. In the meantime, be careful answering the phone - and refuse to answer any of their questions. They will take any information you give them, and use it to calculate their chances of a recovery in a foreclosure.

If the home is above water, and not underwater -- it may be very difficult to settle the 2nd Mortgage. If the home is just barely above water to cover the first mortgage, you may have a lot of luck in a negotiation. There is also a question of SOL Statues, and how protected you are, depending on what state you are in.