Realtime Foreclosure Initiation

Baller2dn

LoanSafe Member
Greetings, I received a foreclosure initiation letter from Realtime Resolution's lawyer for a 2nd mortgage that was taken out in 2007 in Virginia. The 2nd mortgage was initially for 64k and now it is 152k. Due to hardship and lost of income, I could not pay at the time.

I attempted to do the "Strategy for Settling Your 2nd" I have seen on this forum and offered to settle for less. They wanted financials which the strategy said not to provide. I have never filed bankruptcy and my first mortgage is current.

Can they foreclose after 13 years? What should be my next course of action? Thanks for any help provided.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Hello,

This is the 2nd time this month that I heard of a second mortgage from over 10 years ago sending a foreclosure notice. I am assuming it is because you have more equity in your property and they could recoup the money they need to satisfy the loan.

Yes, they can foreclose if they choose to so you will have to think of some other options or another strategy to save your home at this point.
 

Baller2dn

LoanSafe Member
What other options do I have? If they have a lawyer wanting to foreclose now is it to late to try to make payment plans or arrangements?
 

Baller2dn

LoanSafe Member
I owe 110k on my first mortgage and the house is estimated between 200-225k. Is there anything I can do?
 

Baller2dn

LoanSafe Member
Hello,

This is the 2nd time this month that I heard of a second mortgage from over 10 years ago sending a foreclosure notice. I am assuming it is because you have more equity in your property and they could recoup the money they need to satisfy the loan.

Yes, they can foreclose if they choose to so you will have to think of some other options or another strategy to save your home at this point.
I contacted RTR and they said if I submit my loss mitigation then they will suspend the foreclosure. I know the Strategy for 2nds says not to do this but it seems I probably have no choice.

Is there a downside to submitting loss mitigation at this point?
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Contact me immediately in regards to this topic, I have helped save more than 30 homes this year with a charged off 2nd lien. 619-379-8999 or [email protected]

You can also see me talk about it here:

 

Ktfrans

LoanSafe Member
I’m in the same exact situation! 2nd mortgage through Countrywide from 2006, defaulted January 2009, then filed chapter 7 bankruptcy a few months later receiving discharge of all debts. I never reaffirmed 1st or 2nd, kept paying the 1st and now BCMB1 Trust has my house scheduled for foreclosure May 4th. I haven’t heard much from anyone regarding that mortgage in 10 years besides a random statement once in a blue moon. I’m utterly shocked, terrified and sick. I was assured by my attorney at the time of my filing that no one would come after me and to not worry about it. I don’t even know what to do at this point. Original loan was 53,600 now it’s over 70,000
 

Jzone

LoanSafe Member
I’m in the same exact situation! 2nd mortgage through Countrywide from 2006, defaulted January 2009, then filed chapter 7 bankruptcy a few months later receiving discharge of all debts. I never reaffirmed 1st or 2nd, kept paying the 1st and now BCMB1 Trust has my house scheduled for foreclosure May 4th. I haven’t heard much from anyone regarding that mortgage in 10 years besides a random statement once in a blue moon. I’m utterly shocked, terrified and sick. I was assured by my attorney at the time of my filing that no one would come after me and to not worry about it. I don’t even know what to do at this point. Original loan was 53,600 now it’s over 70,000
Many people, including myself, are in the same situation. I filed in 2011, did not reaffirm 1st or 2nd and just kept paying on the first. The 2nd was sold to debt collector. Have not received any foreclosure notices, but I do receive a letter probably once a year with a balance due to release the lien.

I do respond to the letters with an offer of aprx 15-20% of the balance at bankruptcy. I never hear back from them. However, with my homes increasing equity, I know it is getting closer and closer for the debt collector to justify foreclosure.

Always check with your county register of deeds to see who actually holds the lien. It could of been sold/transferred again. Find all of your bankruptcy documents and see what the balance was on that 2nd when discharged. Mine was $15,000 and now they want $45,000. Thats always my starting point for any settlement and release of lien.

And remember this is an attempt to release a lien, not an attempt to collect a debt. Attempting to collect a debt after bankruptcy is illegal, but they do hold the lien. Perfectly legal. I'm in Michigan, and if a 2nd starts foreclosure procedings, they also have to pay off the 1st mortgage. Unlikely, but it could happen if the equity is there.
 

missy22

LoanSafe Member
Many people, including myself, are in the same situation. I filed in 2011, did not reaffirm 1st or 2nd and just kept paying on the first. The 2nd was sold to debt collector. Have not received any foreclosure notices, but I do receive a letter probably once a year with a balance due to release the lien.

I do respond to the letters with an offer of aprx 15-20% of the balance at bankruptcy. I never hear back from them. However, with my homes increasing equity, I know it is getting closer and closer for the debt collector to justify foreclosure.

Always check with your county register of deeds to see who actually holds the lien. It could of been sold/transferred again. Find all of your bankruptcy documents and see what the balance was on that 2nd when discharged. Mine was $15,000 and now they want $45,000. Thats always my starting point for any settlement and release of lien.

And remember this is an attempt to release a lien, not an attempt to collect a debt. Attempting to collect a debt after bankruptcy is illegal, but they do hold the lien. Perfectly legal. I'm in Michigan, and if a 2nd starts foreclosure procedings, they also have to pay off the 1st mortgage. Unlikely, but it could happen if the equity is there.
In same boat! Started contacting RTR following steps on here to see if they'd release the lien since debt was releasedin chapter 7. A mitigation application was sent back...which I ignored. Now just received notice that lien is being transferred to specialized loan services (RTR held this for 11 yrs).

Is this good? Bad? Do I start again sending a settlement offer?
 
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