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2nd Morgage charge off

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judy Guest 0.10 Dollars($)	Posted: Sat Jul 26, 2008 1:45 pm    Post subject: 2nd Morgage charge off GMAC charged off our second mortgage but we are current on our first. We received a letter stating the loan was transferred to a company but we have recently found out this company doesn't hold a bus. license or a license to service loans. Is this legal for GMAC to transfer the loan to a unlicensed company for servicing? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
nlhobei Joined: 26 Jul 2008 Posts: 6 2.38 Dollars($)	Posted: Sat Jul 26, 2008 8:30 pm    Post subject: Yes Once GMAC writes off the debt as a loss, they can sell that to a collection agencies who will continue to contact you in regards to collecting that debt. I would guess the company in question is a collection agencies.
sweeney Community Experts Joined: 20 Jul 2008 Posts: 131 25.07 Dollars($)	Posted: Sun Jul 27, 2008 8:51 pm    Post subject: You should contact them. Depending on your state, they may be able to start foreclosure proceedings on that 2nd. _________________ Mike Sweeney LionSaves.com - refinance debt views expressed on this forum are my opinion as a mortgage professional, not legal advice

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