Sold Out Junior Loans

PatZZ

LoanSafe Member
Jan 30, 2011
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Good afternoon everyone,
I have been following this thread, on and off for some time now. Just recently, the account to a SOJL that has passed the SOL was transfered to Real Time Resolutions. However, in the letter I received from them, they state that the current creditor continues to be BOA.

Here is the background. I did a short sale on a home back in 2010. The second at the time (BOA) would not allow the house to sell unless I signed a promissory note. BOA was not the original creditor. After the short sale, I was completely underwater at the time, and followed the advise on this thread to ignore all collection efforts. Thankfully I was not sued and the SOL ran out. My credit score took a huge hit, but just last year, all derogatory information was dropped and my score, as well as, my financials has since recovered somewhat. I am considering purchasing again but am a bit concerned due to this new agency.

So I was wondering can this new servicing agent start adding fees and interest for non payment to the outstanding balance. Would they be able to legally place a lien on or come after any future property I purchase? Should I send a cease and desist letter or continue ignoring them.
Fees & interest are probably the least of your worries. What kind of note did you sign? Was it just a personal obligation to pay? Or did you subject yourself to a mortgage against the property? If it was only a personal, unsecured debt you signed and the SOL has passed, then it is over - period. You said the same in your post. You owe nothing if it was a personal loan. Go back & be certain what you signed. If it was a mortgage, then there is already a lien and the lien won't go away until you handle the debt.

On another front, if you find it is a personal loan, you should still check your title to be sure the lien for that original 2nd mortgage has been noted as paid & satisfied. If you signed a personal note to repay, then satisfaction of the 2nd lien should have been part of the agreement. If it was recorded as paid & satisfied, you should have received a copy in the mail. But sometimes they don't send a copy to the borrower.

This is my first ever hearing of a lender doing this as part of a short sale. I wouldn't trust anything they should have done on the backend, especially if it wasn't in writing. Short sales need very specific agreements between the parties so all are clear on exactly what each party must do. Good luck.
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MsMarie

LoanSafe Member
Sep 21, 2010
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Florida
Fees & interest are probably the least of your worries. What kind of note did you sign? Was it just a personal obligation to pay? Or did you subject yourself to a mortgage against the property? If it was only a personal, unsecured debt you signed and the SOL has passed, then it is over - period. You said the same in your post. You owe nothing if it was a personal loan. Go back & be certain what you signed. If it was a mortgage, then there is already a lien and the lien won't go away until you handle the debt.

On another front, if you find it is a personal loan, you should still check your title to be sure the lien for that original 2nd mortgage has been noted as paid & satisfied. If you signed a personal note to repay, then satisfaction of the 2nd lien should have been part of the agreement. If it was recorded as paid & satisfied, you should have received a copy in the mail. But sometimes they don't send a copy to the borrower.

This is my first ever hearing of a lender doing this as part of a short sale. I wouldn't trust anything they should have done on the backend, especially if it wasn't in writing. Short sales need very specific agreements between the parties so all are clear on exactly what each party must do. Good luck.
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Thank you for responding PatZZ. I signed a promissory note to allow the short sale of the home. I no longer own the property. The short sale was in 2010. The SOL was up in 2015, and recently all information pertaining to those mortgages should have been removed from my credit report. I am now considering purchasing again within the next year, and want to know if they would be legally able to come after me at that time, with a lien on a future property? Should I send a cease and decist letter or just keep ignoring them?
 

PatZZ

LoanSafe Member
Jan 30, 2011
2,026
157
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Nearby
Thank you for responding PatZZ. I signed a promissory note to allow the short sale of the home. I no longer own the property. The short sale was in 2010. The SOL was up in 2015, and recently all information pertaining to those mortgages should have been removed from my credit report. I am now considering purchasing again within the next year, and want to know if they would be legally able to come after me at that time, with a lien on a future property? Should I send a cease and decist letter or just keep ignoring them?
As we agree, the SOL has expired - assuming your info is correct about your state's SOL. So you do not owe a thing on any personal debt. Doesn't stop them from filing a lawsuit in error. Happens quite frequently. You would have to respond with a SOL defense. And no, they can't put a lien on a future anything if the SOL has expired - meaning they couldn't even sue & get a judgment. A creditor needs a judgment to get a lien.

As I was writing, I lost track of the fact that it was a short sale. So there can be no liens remaining after the short sale. Title must be clear.

When a SOL has truly expired, then that's the end MsMarie. There would be nothing for you to much worry about. That's the purpose of the SOL. If a creditor could still get a lien against you, then the SOL would be completely meaningless. If the SOL has expired, If it were me, I would most assuredly ignore them.
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sdbeachgirl

LoanSafe Member
Mar 3, 2018
9
0
1
Hi there again,
It's been awhile. All this time I've been waiting for RTR to get back to me and show me what they have. It took 3 times for my lawyer to write and ask them to provide all information relating to my account! Additionally, I'll mention something that was very odd. Before I sent in my authorization letter for them to be able to speak to my lawyer, they spoke to him and even emailed him a letter that they sent to me back in 2009? I thought there were very strict laws for whom they could talk to about my account...?? I don't want to get my lawyer in trouble for anything but that is weird that anyone can just call and say they are my lawyer and discuss my loan and get access to my files!

Anyways, today they finally sent me "everything" which doesn't seem like much. Friday they sent me a 2 page letter from 2009 from RTR to me just stating that they were taking over collections on my account. In that letter they say "Due to your bankruptcy you will not be receiving statements" ... but I never claimed bankruptcy. This is probably why I never received one statement in 10 yrs...so they definitely have some things messed up. Then today they send a 1 page letter that Countrywide sent me in 2009 just stating that they were transferring my account to RTR. There is no mention of MERS here, it's just a 1 page simple letter stating it's been transferred.

RTR states in the email " I do not believe that we have any other signed document between Bank of America and RTR that addresses "my last name's" loan. We have a general contract with Bank of America (which is confidential, so I’d only be able to provide a redacted version), but it does not make specific reference to "my last name's" loan.

Do I have anything here? Sounds like they do not have anything in writing showing they purchased my specific loan. Do they need to be able to show this or does MERS cover this for them? My lawyer wants to write a letter and offer 10% or $9k but I don't know if that is too much...I mean if they can't even show that they own my loan. Also, if they can't show proper assignment, can they foreclose? Or are they just sitting on a very old unenforceable/uncollectible loan where if I ever sell my house they would swoop in and collect on?

Thanks again!