Realtime Foreclosure Initiation

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Baller2dn

LoanSafe Member
Jul 17, 2020
4
0
1
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
Aug 10, 2007
26,855
467
1,000
49
Southern California
www.loansafe.org
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
Jul 17, 2020
4
0
1
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
Jul 17, 2020
4
0
1
I owe 110k on my first mortgage and the house is estimated between 200-225k. Is there anything I can do?
 

Baller2dn

LoanSafe Member
Jul 17, 2020
4
0
1
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
Jan 14, 2011
2,117
182
63
San Diego, California
www.loansreduced.com
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: