Confused, received a Mortgage release, Satisfaction....

Seekertf

LoanSafe Member
#1
Wife and I have recieved a copy of a Mortgage release, satisfaction and discharge that was recorded at the local courthouse this past weekend, with it came a letter from AHMS stating that they've released the Deed to my wife. Now, we are completely confused by this as we have had nothing but nightmares with this company and we just don't understand why we would get this certified letter from the courthouse.

What does this letter actually mean? Is this company trying to scam us once again? We havn't recieved anykind of settlement offer or any forclosure papers from this company in the last year and a half. Why would they give us a Mortgage release, and satisfaction letter that was recorded at the courthouse?

Thank you for your help, It is greatly appriciated....
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
#2
What does this letter actually mean? Is this company trying to scam us once again? We havn't recieved anykind of settlement offer or any forclosure papers from this company in the last year and a half. Why would they give us a Mortgage release, and satisfaction letter that was recorded at the courthouse?
It seems they have released the lien and are giving up their interests in the property. Just curious, what is the status of this account? Have you not made a payment in the last year and a half?
 

tmharper

LoanSafe Member
#3
Hi Evan, I am his wife and no we have not paid in some time, we were expecting a foreclosure but instead recieved this, and a letter from real time resolutions to collect the money we owe and I am understanding that RTR deals with second mortgages but this is our first and only.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
#4
This is a unique situation and I'm not sure why they would be sending you a release form on your 1st mortgage. I would recommend contacting a local real estate attorney and get a brief consultation to get their opinion on this.
 

tmharper

LoanSafe Member
#5
Thank you Evan for taking time to respond, I did call one today and basically they want one hundred fifty dollars for a half hour of time so I am going to try to contact our legal aid dept and see if they can help. Everyone I have spoken to is as confused as we are. We originally had option one mortgage (which are the ones that signed the release) then it was "sold" to AHMSI which I am reading is another debt collector? (although I am not sure) I also am reading they are just option one with a name change? (also confusing) and then from AHMSI it was sold to RTR? which I am receiving collections letters from. In the meantime what started our problems was due to us both losing our jobs and then we lost 3 family members in a matter of 6 months and I diligently tried to work with them (AHMSI) and was dealt with as so many other ppl were, lost papers, claims that they did not receive papers, being told they couldn't work with us as we didn't have a cpl thousand dollars to hand over and we had unemployment so they could't arrange pmts? we were dragged through the runaround to the point that it just wasn't worth trying to get help from them. Once again< thank you for taking the time to offer assistance.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
#6
We originally had option one mortgage (which are the ones that signed the release) then it was "sold" to AHMSI which I am reading is another debt collector? (although I am not sure) I also am reading they are just option one with a name change? (also confusing) and then from AHMSI it was sold to RTR? which I am receiving collections letters from. In the meantime what started our problems was due to us both losing our jobs and then we lost 3 family members in a matter of 6 months and I diligently tried to work with them (AHMSI) and was dealt with as so many other ppl were, lost papers, claims that they did not receive papers, being told they couldn't work with us as we didn't have a cpl thousand dollars to hand over and we had unemployment so they could't arrange pmts? we were dragged through the runaround to the point that it just wasn't worth trying to get help from them
Basically AHMSI took over Option One and they are also a mortgage servicer not just a debt collector like RTR is.. I'm very sorry to hear what has happened these last 6 months between your family. Unfortunately, AHMSI cannot offer any type of permanent assistance based off unemployment income.. Generally all servicers can offer when you are unemployed is a forbearance period which will give you 6-12 months of reduced payments while you work on increasing your earnings. Once you do find stable employment they can them re-review your account for a loan modification which can help decrease your monthly payment and add any past due amount to the back of the loan..
 

brasilmom

LoanSafe Member
#7
I chose to "strategically default" on my Option One (AHMSI) mortgage for 121000K in February of 2011. I moved out lock, stock and barrel and essentially abandoned the property. I received late notices, but no foreclosure action was ever initiated. In January of 2012, I noticed that the loan had been reassigned to RTR, but I did not respond to their invitations to settle for 34000K. Then, one day in June of 2012, I received a statement of Discharge of Mortgage from Option One that had been executed back in December 2011. It was duly recorded at the Register of Deeds in our county and so, I sought out the counsel of my attorney. She checked with a colleague and was told that this was happening with greater frequency here in Michigan and that I should just proceed with life as I owned the house, free and clear! I moved back into the house, made improvements needed since abandonment and have paid arrears property taxes. I see that the amounts for the mortgage AND the amount RTR seemingly bought it for (my Option One/AHMSI account showed a pay-off amount of 13000K) as having been charged off as bad debt on my credit bureau reports. I have not had word from the IRS yet on the tax consequences of this, but I understand that even though it has been two years since the mortgage was released, I can still meet up with a taxable consequence once they catch up with it, but no one is quite sure. The attorney advised that if the tax burden is too onerous, that bankruptcy might be an option. In any case, it seems that in some cases, mortgages have been released back to the mortgagees in Michigan. The property values since this occurred have skyrocketed back up to near where they once were, so this is a real head-scratcher! Whodathunkit?
 

TomEason

LoanSafe Guide
#8
brasilmom

Thanks for your post.

If you've received no 1099-C, if it were me I wouldn't worry about taxes.

It's likely that Option One/AHMSI sold the loan to RTR. When a loan is sold, the debtor's credit file shows the seller's account as having 0 balance, while the buyer's account now shows the loan balance.
 

brasilmom

LoanSafe Member
#9
Yes, I understand that RTR was the new holder of the debt or at least whatever part of it remained, but they have now relinquished interest in the matter as well. The lady who does my taxes did say, however, that IRS COULD catch up with things and that she has seen it take up to three years...it is no fully two years since the initial release of mortgage, so time will tell...if she is correct in this.....