Refinancing with a 2nd mortgage transferred to Real Time Resolutions.

[Romeo Rodriguez]

Hoping I can get some advice on how I can proceed with this mess of mine.

In 2005 I purchased my house for $415K with Countrywide 80/20%. In 2012 I got a re-modification of the 1st loan, the 2nd loan got transferred to Real Time Resolutions.
I have been paying the 1st loan but never got contacted for the 2nd loan by Real Time Resolution until now. I checked my credit report and nothing is showing as far as owing anything to Real Time Resolutions (my credit shows as excellent).
Then I went to the county recorder and it is showing a Mortgage (Line of Credit) with Countrywide for the 20% ($83,000). I contacted RTR and they told me they are servicing the mortgage for Bank of America and that on top of the $83K I owe $55K for a total of $138k and my 1st mortgage with BofA is $163K.
How should I go about dealing with this?

 

[Jzone]

Is this after bankruptcy or you just stopped paying the second?

RTL probably has the lien after it was written off of Countrywide's books.

Why did you stop paying the second?

 

[Romeo Rodriguez]

Thank you for getting back to me,
I could not afford to pay the 2nd loan because I lost my job and other personal issues, I was very young and inexperienced, all the advice I got back them from everyone in the same situation was just not to pay because CW took advantage of us and the government was going to somehow take care of it, I was so naive that I just listen.
I didn't file bankruptcy, after the re-modification, they stopped billing me for the 2nd loan, probably because it was transferred to RTL and they were back up with the number of loans they had.

Yesterday I called Bank of America asking about the second loan and they told me that all of the information they had was that it was transferred to RTL. Does that mean that the loan was sold to RTR?

How can I find out if the lien is with RTL?
Also, what should my next step be?

Thank you so much Jzone for the help, I just want to get this behind me and move on.

 

[Erik Sandstrom]

Hi Romeo,
This is a situation I deal with quite often and you may have already seen me post about these liens and how to go about taking care of them. The only problem that I've personally had with RTR is that they haven't confirmed one of my borrowers liens is charged off. If the lien is not charged off you want to be really careful how you deal with them.

I'm going to post a video below that I recently did about these liens that may help you understand what options you have available. I'm personally licensed in almost every state in the entire country and have countless borrowers in this situation with the lien holders threatening action (like foreclosure).

Please do give me a call if you have questions on this, if you want we can also do a three way call to RTR and see what exactly is going on, I'd be happy to do that. My contact information is here: 619-379-8999 and [email protected]

 

[Chasegame two]

For what its worth- RTR had my 2nd for quite awhile. They received it from Chase. Chase has my 1st TD as well. I followed the 'Strategy for settling 2nds' found here on this site. I forced them to communicate in writing only, repeatedly offered around 3% to settle (approx $250k note), so around $7500. Never provided them financials that they requested regularly. RTR finally gave up I guess and sent my loan back to Chase!

As our values recovered (CA) substantially, I decided I better go silent and was expecting a Notice of Intent to Foreclose anytime. As some of you know, last year, we received a completely random full release of this 2nd by Chase. I verified it at the county recorder.

I still can't explain why, but the best possible explanation I received was that Chase probably received a 'credit' from the Feds against their fines owed from the sub-prime crisis- and it was far more valuable than what they might get pursuing us.

I'm not sharing this again to boast or gloat. I'm sharing this to let others know crazy sh** happens. Times are different now but my recommendation to others would be to follow the 'Strategy' precisely as outlined yet keep it real and prepare too.

 

[Romeo Rodriguez]

For what its worth- RTR had my 2nd for quite awhile. They received it from Chase. Chase has my 1st TD as well. I followed the 'Strategy for settling 2nds' found here on this site. I forced them to communicate in writing only, repeatedly offered around 3% to settle (approx $250k note), so around $7500. Never provided them financials that they requested regularly. RTR finally gave up I guess and sent my loan back to Chase!

As our values recovered (CA) substantially, I decided I better go silent and was expecting a Notice of Intent to Foreclose anytime. As some of you know, last year, we received a completely random full release of this 2nd by Chase. I verified it at the county recorder.

I still can't explain why, but the best possible explanation I received was that Chase probably received a 'credit' from the Feds against their fines owed from the sub-prime crisis- and it was far more valuable than what they might get pursuing us.

I'm not sharing this again to boast or gloat. I'm sharing this to let others know crazy sh** happens. Times are different now but my recommendation to others would be to follow the 'Strategy' precisely as outlined yet keep it real and prepare too.

Did you have equity in the house?
See, I do have equity in the house and my credit is not bad but I am not able to refinance because I then will not be able to afford the house, I also don't want to sell it because I will not be able to afford an apartment rent near my job. right now all I have are my tax returns in order to negotiate and that is about what you mention you settle for. It is such a catch-22 situation : (

They called me again the other day but I was at work and was not able to answer, should I contact them and explained my situation to see if they are willing to settle?

 

[Chasegame2]

Did you have equity in the house?
See, I do have equity in the house and my credit is not bad but I am not able to refinance because I then will not be able to afford the house, I also don't want to sell it because I will not be able to afford an apartment rent near my job. right now all I have are my tax returns in order to negotiate and that is about what you mention you settle for. It is such a catch-22 situation : (

They called me again the other day but I was at work and was not able to answer, should I contact them and explained my situation to see if they are willing to settle?

The loan amounts, 1st and 2nd (RTR then back to Chase), are listed somewhere in this forum but generally our home value was around 900k with the first around 550k (then current balance around 450k, which I'm not sure they knew?) and 2nd around 250k.

I'd recommend you read very carefully "Tom Eason's Strategy for Settling 2nds..." here on this website. It's old, yes. Home values have recovered, yes. But Tom's math from the lender or note holders perspective is the key. Generally, the 2nd lender has to assume (because they don't know!) your home is going to need some fix up $$ ($25k to $40k??). Their assumption is that if you can't afford to make the payments on your 2nd, you probably aren't installing new carpet, etc.. The lender also has to pay commissions to the realtors at least 5%, no matter what others have said. Add all that to your existing loans (1st and 2nd)- do you really have equity from the lenders perspective?

 

[Donfredo]

For what its worth- RTR had my 2nd for quite awhile. They received it from Chase. Chase has my 1st TD as well. I followed the 'Strategy for settling 2nds' found here on this site. I forced them to communicate in writing only, repeatedly offered around 3% to settle (approx $250k note), so around $7500. Never provided them financials that they requested regularly. RTR finally gave up I guess and sent my loan back to Chase!

As our values recovered (CA) substantially, I decided I better go silent and was expecting a Notice of Intent to Foreclose anytime. As some of you know, last year, we received a completely random full release of this 2nd by Chase. I verified it at the county recorder.

I still can't explain why, but the best possible explanation I received was that Chase probably received a 'credit' from the Feds against their fines owed from the sub-prime crisis- and it was far more valuable than what they might get pursuing us.

I'm not sharing this again to boast or gloat. I'm sharing this to let others know crazy sh** happens. Times are different now but my recommendation to others would be to follow the 'Strategy' precisely as outlined yet keep it real and prepare too.

 

[Donfredo]

I am in the same boat. I live in California and received a notice from RTR for 2nd. 90000 for the original debt and 76000 for interest and other fees for a total of 166,118.37

 

[Erik Sandstrom]

Donfredo,
Rates are great, maybe try to engage in a refi and make an offer to them and see if they will accept?

We refi those loans all the time but when RTR says they'll accept X, you want to make sure you're ready.

 

[LuluLio]

I have the same problem with 2nd mortgage, I received a notice of default in Oct 2019 - principal $100,557 plus int, penalties, other fees with a total of $210,868. I offer them 80k but didn't accept it, they want the full amount. I have equity in my house, and I indeed I want to keep my house. then last week they called and inform me that they are reviewing my mortgage???? Is this a good sign? but I want to get away with this situation... I need help

 

[Monaloc]

I have the same problem with 2nd mortgage, I received a notice of default in Oct 2019 - principal $100,557 plus int, penalties, other fees with a total of $210,868. I offer them 80k but didn't accept it, they want the full amount. I have equity in my house, and I indeed I want to keep my house. then last week they called and inform me that they are reviewing my mortgage???? Is this a good sign? but I want to get away with this situation... I need help

Did you get help? How did you handle it. Sounds like my situation.

 

[Monaloc]

Is it possible to modify the second once in default?

 

[SoCal Survivor]

Hi, glad to be able to contribute a story here, but the ending is not a happy one. Long story short... we just refied to get rid of our "silent 2nd" with RTR. So long suckers!

Our story is similar to many. Originally bought house for $323k in 2003 with an ARM. Refied a couple times, had a fixed rate 1st & 2nd HELOC with Countrywide, transferred to B of A. THEN...Recession hit us hard, went through BK and the Obama Refi system around 2009, got totally worked over when the docs arrived for signature. ARM with a balloon payment with BofA, the 2nd "magically" transferred to Real Time Resolutions. Kept paying 1st, never paid 2nd. We played the game all these years, requested negotiation or payout several times over the years with RTR but, NO LUCK. 1st had risen to 5% interest, yuck. Spoke with attorneys several times, who all agreed there was little we could do. Most recent attorney had experience with RTR, and basically said they do NOT negotiate, at most will knock off 1% if you have equity. Home equity kept going up, we felt very vulnerable to foreclosure especially with the Corona situation.

Our equity is quite high here in SoCal, our jobs are stable, so we refied and ate it, BIG time, paid off $80k on original $45k balance on the 2nd, rolled the 2nd into balance with the 1st, new loan for approx $350k. SO DISCOURAGING after paying on this house since 2003 to be exactly back where we started with our balance. Equity is NOT cash in our pocket. I hate RTR and BofA. They made HUGE profits on the backs of taxpayers and ME. Our culture & country is in deep trouble, as it creates systems that line the pockets of corporations and the wealthy on the backs of regular folks like us. Where is my bailout?!

I am forever grateful to LoanSafe for providing a place where we could all share, comfort, and learn with each other. It empowered me.

 

[Erik Sandstrom]

I don't know what your real name is, but was it us here at PrimeLending that took care of that for you?

These scenario's I do quite often and is something that I'm known for. Either way it sounds like you were able to get it taken care of. What I would look into doing in the next 6 months is refinancing into a "Rate & Term" refinance which would have better rates than a cash out refinance which you just did.

Feel free to contact me anytime about this: 619-379-8999 or [email protected]

 

[Chasegame two]

I think the 'servicers' of loans have to get approval from the original lender to accept settlements. I could be wrong and maybe others have some perspective on this. My dealings with RTR were as servicers for Chase on our $250k 2nd.

They (RTR) seemed as though their marching orders were to just push Mods, or get us to 'pay something' as good faith (in reality, I believe, to re-start the Statute of Limitations clock). I also believe, servicers are obligated to at least present settlement offers from borrowers.

As stated before, after several non-successful offers from us, RTR eventually sent our loan back to Chase. Chase eventually released it in full.

 

[Cbella]

For what its worth- RTR had my 2nd for quite awhile. They received it from Chase. Chase has my 1st TD as well. I followed the 'Strategy for settling 2nds' found here on this site. I forced them to communicate in writing only, repeatedly offered around 3% to settle (approx $250k note), so around $7500. Never provided them financials that they requested regularly. RTR finally gave up I guess and sent my loan back to Chase!

As our values recovered (CA) substantially, I decided I better go silent and was expecting a Notice of Intent to Foreclose anytime. As some of you know, last year, we received a completely random full release of this 2nd by Chase. I verified it at the county recorder.

I still can't explain why, but the best possible explanation I received was that Chase probably received a 'credit' from the Feds against their fines owed from the sub-prime crisis- and it was far more valuable than what they might get pursuing us.

I'm not sharing this again to boast or gloat. I'm sharing this to let others know crazy sh** happens. Times are different now but my recommendation to others would be to follow the 'Strategy' precisely as outlined yet keep it real and prepare too.

How were you able to make an offer to RTR? They currently service my 2nd and I'm trying to make an offer but only get offered to do a loss mitigation.

 

[Cbella]

The loan amounts, 1st and 2nd (RTR then back to Chase), are listed somewhere in this forum but generally our home value was around 900k with the first around 550k (then current balance around 450k, which I'm not sure they knew?) and 2nd around 250k.

I'd recommend you read very carefully "Tom Eason's Strategy for Settling 2nds..." here on this website. It's old, yes. Home values have recovered, yes. But Tom's math from the lender or note holders perspective is the key. Generally, the 2nd lender has to assume (because they don't know!) your home is going to need some fix up $$ ($25k to $40k??). Their assumption is that if you can't afford to make the payments on your 2nd, you probably aren't installing new carpet, etc.. The lender also has to pay commissions to the realtors at least 5%, no matter what others have said. Add all that to your existing loans (1st and 2nd)- do you really have equity from the lenders perspective?

Donfredo,
Rates are great, maybe try to engage in a refi and make an offer to them and see if they will accept?

We refi those loans all the time but when RTR says they'll accept X, you want to make sure you're ready.
[/QUOTE
I am trying to reach a settlement with RTR but not sure who to reach out to other than the regular customer service number.

 

[Chasegame two]

How were you able to make an offer to RTR? They currently service my 2nd and I'm trying to make an offer but only get offered to do a loss mitigation.

Our dealings and communication with RTR were initiated by them, because we had stopped making payments on our 2nd (Chase/ RTR. )

 

[cbella]

Our dealings and communication with RTR were initiated by them, because we had stopped making payments on our 2nd (Chase/ RTR. )

Thank you. We have not been making payments for years but the representatives that call us seem to be clueless.