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.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.
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.