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

[Chasegame two]

I remember similar 'offerings' by them (RTR). I just kept saying (verbally and then by certified mail) that it made no sense for us, or for them, to start some new, creative, modified loan when we'd just end up defaulting on it again. My position was, the best thing for all parties, was to come up with a lump sum amount as a total payoff and we'd seek the help of family/friends to make it happen. Then I said we can offer $x (around 3%) .

They would always respond with requests for financials, and I would always say no- and that they could easily review everything in our Chapter 7 filing.

To your point on being clueless- someone on this forum suggested that those doing the calling from the lenders were mostly entry level employees, tasked with enormous lists of defaulted loan borrowers they needed to call.

 

[cbella]

I remember similar 'offerings' by them (RTR). I just kept saying (verbally and then by certified mail) that it made no sense for us, or for them, to start some new, creative, modified loan when we'd just end up defaulting on it again. My position was, the best thing for all parties, was to come up with a lump sum amount as a total payoff and we'd seek the help of family/friends to make it happen. Then I said we can offer $x (around 3%) .

They would always respond with requests for financials, and I would always say no- and that they could easily review everything in our Chapter 7 filing.

To your point on being clueless- someone on this forum suggested that those doing the calling from the lenders were mostly entry level employees, tasked with enormous lists of defaulted loan borrowers they needed to call.

Thank you for you help. I just received the paper work for the loss mitigation but I am not going to fill it out. I think I will use your strategy.

 

[Fighting against RTR]

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?

Romeo- Could you please share with us any update on your case?
I am going through the exact same situation with RTR and I do not know where to turn. We are considering filing Chapter 13 in order to get them to work with us because I cannot reach any agreement with them even though we do have the means to pay them back in a very short time period. It's unusual and as if they do not want our money. We do have equity in the house.

Any insight would be helpful on how to deal with this situation. Thank you.

 

[cbella]

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]

My original 2nd mortgage with was Ditech and was sold to SLS. When I tried to workout a solution with SLS I was told it was a charge off. How can I see if it was actually a charge off. Now it is with RTR and from your posting it says that makes a difference. I have reached out to them but not many options available.

 

[Erik Sandstrom]

If you'd like - give me a ring and I can let you know what the typical options they provide are. 619-379-8999. I do apologize about the late response I didn't know I had a reply.

Also feel free to reach out here if you haven't already: [email protected]

 

[Chasegame two]

Eric, whoever is supposed to be moderating this website.....ain't. : )

 

[Erik Sandstrom]

Eric, whoever is supposed to be moderating this website.....ain't. : )

I'm doing my best right now @chasegame, it's a little hectic on the origination side with how low the interest rates are. If you can report any spam on the website it would help me clear out some of these guests that keep posting links to men's growth supplements and such. Lol!

 

[Chasegame two]

Will do! Thanks Erik. Glad business is good for you!!

 

[Drakus]

This situation is really common, thank you for the video. Now my wife and I are calm.

 

[Romeo Rodriguez]

Hello everyone,
Sorry It took me so long to get back to you, I am back with some updates after so long. Since the last time I posted this question last year I decided to just ignore the bills RTR was sending since I had no intention of getting rid of the house or refinancing but today I received a NOTICE OF INTENTION TO FORECLOSE from The Leopold & Associates. PLLC says that the Lender is Bank of New York Mellon FKA and that the Loan Servicer is Real Time Resolutions, INC.
I guess I can not ignore them anymore : (
Someone told me that this will never go away and that bailout is not an option for us regular people @SoCal Survivor.

Anyways, I believe my next step would be to try to make an offer to RTR. Currently what the balance on the Loan is 83K + 71K in interest and 4K in late charges for a total of 158K my primary loan balance is 155k and according to Zillow, the house is worth 450k which, I would doubt because it needs some work.

My question is, what kind of offer should I make and how should I make it or should I get an attorney involve?

 

[Romeo Rodriguez]

Romeo- Could you please share with us any update on your case?
I am going through the exact same situation with RTR and I do not know where to turn. We are considering filing Chapter 13 in order to get them to work with us because I cannot reach any agreement with them even though we do have the means to pay them back in a very short time period. It's unusual and as if they do not want our money. We do have equity in the house.

Any insight would be helpful on how to deal with this situation. Thank you.

I stopped negotiating back in 2020. I am restarting negotiations due to a Notice of Intention of Foreclose. I will keep you guys posted.
Any updates on your case?

 

[Erik Sandstrom]

Can you give me a call when you have a minute @Romeo Rodriguez I may be able to shed some light on what's going on and what options you have. 619-379-8999....I am on day two of the 2nd vaccine and feeling under the weather but may be able to have a quick chat.

 

[Ktfrans]

Can you give me a call when you have a minute @Romeo Rodriguez I may be able to shed some light on what's going on and what options you have. 619-379-8999....I am on day two of the 2nd vaccine and feeling under the weather but may be able to have a quick chat.

I’m in a similar situation, 1st and 2nd mortgage discharged in chapter 7. Kept paying first but never reaffirmed either loan. 2nd has sat since first default in 2009 and BK filing, been sold to a few servicers over the years and now landed with some trust called BCMB1 and Wilmington Savings Fund Society as trustee. Foreclosure auction scheduled for May 4th, my attorney is trying to negotiate or at the least get it off the foreclosure list to negotiate. If you have any helpful input I would love to talk at your convenience, I’m terrified. Servicer is currently SN Servicing, original loan was from Countrywide in 2006.

 

[Erik Sandstrom]

I may be able to help but that date would have to be extended. Can you call me at your earliest convenience 619-379-8999. I did miss a GA phone call that I'm about to call back...not sure if that was you.

 

[JohnFL]

Quick question. If these service companies have not made any contact for over 10 years are they still allowed to charge you interest on these 2nd loans? Or do they have to at least sending you some communication or demand during those ten years?

 

[Erik Sandstrom]

Yes in 90% of the cases I have run across they're still charging interest, not any late penalties after the point it was charged off but I've seen 13-14% interest rates on some really high balances which of course keep growing the longer they remain unpaid.

There are certain situations where it seems like the interest stopped, I've worked with roughly less than a dozen people that had that and I haven't been able to pinpoint what would have been common between the bunch. It could have been bankruptcy but then again I've also seen 2nds included in BK still charge interest...I'll try to dig a little bit further next time I run into one without interest being tacked on.

 

[missy22]

I just looked up on my county register of deeds and bank of new york mellon is listed as Grantee. So I should be sending my request to settle lein to them right? Not RTR or the servicing co. Anyone have an address for them? The letter I sent was returned undeliverable....

 

[Romeo Rodriguez]

I just looked up on my county register of deeds and bank of new york mellon is listed as Grantee. So I should be sending my request to settle lein to them right? Not RTR or the servicing co. Anyone have an address for them? The letter I sent was returned undeliverable....

I did the same and my deeds are also Bank of New York Mellon FKA, I also just received a letter saying that my RTR transfer my account to a new servicer agent the name is Specialized Loan Servicing LLC. Does anyone know what this means?
Also I would need that address as well.

 

[missy22]

I did the same and my deeds are also Bank of New York Mellon FKA, I also just received a letter saying that my RTR transfer my account to a new servicer agent the name is Specialized Loan Servicing LLC. Does anyone know what this means?
Also I would need that address as well.

 

[missy22]

I did the same and my deeds are also Bank of New York Mellon FKA, I also just received a letter saying that my RTR transfer my account to a new servicer agent the name is Specialized Loan Servicing LLC. Does anyone know what this means?
Also I would need that address as well.

This means they will be servicing your loan not RTR