American Home Mortgage Servicing to Real Time Solutions

Alphonso

LoanSafe Member
Feb 1, 2013
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I took a mortgage 9 years ago to try and pay off some back taxes on my business. My credit was not good so I was surprised I got approved. The interest rate was 9.5%. The business failed and I went chapter 13. The mortgage was included. I payed into plan for 8 months before the IRS made their claim. The plan became to expensive and the judge dismissed it. There have been four mortgage companies, American Home Mortgage , Option one , Homeward and Real Time. American Home were foreclosing before I went chapter 13. To the point my loan balance is $138,000.00 and the property value is $40,000.00. I filled out four modification packages each one the companies say they didn't receive. I got mail from Real Time that they had taken over mortgage. I asked about modification package. They kept saying they sent it. I was going to start making $ 600.00 payments to Real Time but they wouldn't except a cashiers check. They said I had to send it Western Union or debit from my bank account . I asked when would I get the modification package they said they could modify after I made a few payments. I was skeptical when they would accept half of the mortgage payments, then when they wouldn't accept cashiers check I started trying to find out information on them. I have not made a payment in 2.5 years. I would like to keep the house but with my current situation I can only afford $600.00 payments. I really don't no what my question is. But I need some help[h=1][/h]
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
I filled out four modification packages each one the companies say they didn't receive. I got mail from Real Time that they had taken over mortgage. I asked about modification package. They kept saying they sent it. I was going to start making $ 600.00 payments to Real Time but they wouldn't except a cashiers check. They said I had to send it Western Union or debit from my bank account . I asked when would I get the modification package they said they could modify after I made a few payments. I was skeptical when they would accept half of the mortgage payments, then when they wouldn't accept cashiers check I started trying to find out information on them. I have not made a payment in 2.5 years. I would like to keep the house but with my current situation I can only afford $600.00 payments.
Welcome and thanks for joining the forum Alphonso. I definitely think we can help you get things back on track and we have many members here in a similar position as yourself. It is very common for a mortgage to be transferred from one servicer to the next and this can complicate things when you are trying to pursue a loan modification. This is your 1st mortgage you are trying to modify correct and not a 2nd/HELOC?
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Unfortunately, if you make a payment after you have fallen 120 days or more behind the lender is (generally) not going to apply the payments to your account unless it is for the entire past due balance. If you are more than two years behind you will definitely want to keep all the money you can instead or sending in partial payments to the servicer. Making those payments will not bring the account out of default and you cannot get those funds back if a loan modification does not work out. If you have a loan mod package from your previous servicer I would send that in along with updated paystubs and bank statements to get the process rolling. At this time there is not much you can do besides get the modification in play as soon as possible so they can begin their review.
 

car67

LoanSafe Member
Jan 25, 2010
127
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I agree

Unfortunately, if you make a payment after you have fallen 120 days or more behind the lender is (generally) not going to apply the payments to your account unless it is for the entire past due balance. If you are more than two years behind you will definitely want to keep all the money you can instead or sending in partial payments to the servicer. Making those payments will not bring the account out of default and you cannot get those funds back if a loan modification does not work out. If you have a loan mod package from your previous servicer I would send that in along with updated paystubs and bank statements to get the process rolling. At this time there is not much you can do besides get the modification in play as soon as possible so they can begin their review.
MY VIEW do not make any payments until they modify the loan and give you the terms in writing. These companies are famous for milking ya for partial payments to only foreclose 2 years later with a denied modification....... Either they modify or they foreclose don't let them drain you for payments which will be lost money........
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
MY VIEW do not make any payments until they modify the loan and give you the terms in writing. These companies are famous for milking ya for partial payments to only foreclose 2 years later with a denied modification....... Either they modify or they foreclose don't let them drain you for payments which will be lost money........
I agree car67! you never want to accept an agreement until you have it in writing!! We have been seeing many people getting screwed over for accepting "verbal agreements" that are virtually null, especially when it comes to 2nds/HELOCs in default..