Uncooperative mortage Lender

pamelarogers · Joined: 04 May 2008 Posts: 2 2.33 Dollars($)

I attempted to work with collections when I was having problems making my loan payment due to a very large auto expense. I called and asked for loss mitigation and was told i had them. Nothing was ever noted on my account and the rep lied - she was actually a collections rep. Now my account is in trouble and the asset rep refuses to consider a repayment plan. I can get current in 60-90 days however if i cant pay all at once they are threatening foreclosure. I keep explaining that i asked for loss mitigation and the no one believes me. Just need a little time to recoup from the huge auto expense. Why would they not consider a repayment plan-? We are talking about 2K here.

jbarto65 · Joined: 04 Nov 2007 Posts: 591 4.82 Dollars($)

You are going to have to prioritize, your home or your vehicle, you are probably gonna have to get current before they will listen to anything. What is your auto expense for? Repairs? Payment?

cliff · Posted: Mon May 12, 2008 7:06 pm Post subject:

Welcome Pamela,

Something sounds weird Confused

. What is the name of your lender Evil or Very Mad

?

I rarely hear of a loss mitigation department who did not work with a home owner. Especially, now with all the pressure from the treasury department telling lenders to work with home owner or else!

Guest 0.10 Dollars($)

The expense was for repair. Actually was nothing to prioritize-without a vehicle I could not get to work to get paid to pay them-or anyone else. My point is that is was a short term situation.

I am told that it is the job of collections to keep folks from getting through to loss mitigation-loss mitigation departments are overwhelmed. In this case their collections dept was effective because I did not know any better. I was never given an open to work out anything. Collection reps are paid on how much they can collect. They were not willing to give me any options.

larry · Joined: 27 Jun 2007 Posts: 2911 403.68 Dollars($)

Hi Pamela,

Welcome back.

If the lender sold the mortgage to a collection agency then the loss mitigation department cannot help you. How much do you owe to them?

One thing that I cannot understand is "if i cant pay all at once they are threatening foreclosure." Why is so? If you can pay them at once then the matter should be closed. They may only claim prepayment penalty.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Jessica · Posted: Tue May 13, 2008 5:51 am Post subject: RE: mortgage and collection

Mortgage debt sold off to a collection agency - well this is something I hardly get to hear. If it had been an equity loan/second mortgage, there would have been a chance of selling it to collection agency as when there's a foreclosure on property having second mortgage, the later becomes unsecured.

Cliff, can you throw any light on this? if the mortgage company isn't ready for a repayment plan, why don't they go for other options such as allowing the poster to refinance or may be do a loan modification?

cliff · Posted: Tue May 13, 2008 6:25 am Post subject:

Sure Jessica,

They should offer her some type of plan. The problem is she is talking to the wrong department Pamela needs to call the mortgage company and ask for loss mitigation! Collections will never help they will only attempt to collect money that is their function. It would help if I knew which mortgage company Pamela was dealing with because they all have their own little idiosyncrasies.

Pamela which mortgage company are you dealing with?

Guest 0.10 Dollars($)

Cliff and Jessica-thank you. Cliff, you are right on it. To be clear, mine is home equity loan. Because I could not get any farther than collections I called another no for the bank and finally got a direct phone to loss mit. By this time loss mit told me the acct was out of their department. The account went to Asset Mgmt. which is between collections and an attorney. The asset rep is really really nasty. Have called this person 3 times asking for 60-90 days to get current. Have proof of my car fiasco. He refuses. His letter to me mentioned options- he told me I had no options.

The lender is US Bank.

---Cliff you are correct-my calling collections was a waste of time-I've found most of the time my acct was not even noted with what I called about. 2 other reps in Asset mgmt were just as unhelpful-treated me like I had committed murder or something.

Guest 0.10 Dollars($)

I have the same issue, but I did get a repayment plan. Of course they hide all kinds of additional fees and stuff, so now 18 months later, I still owe the same as I did when I asked for a repayment plan and they are back to trying to foreclose on my house. I am now getting attorneys and the TX Attorney Generals Office of Consumer Affairs involved. I am sick of all these screwed up mortgage companies and their NAZI Tactics. They remind me of Hitler, do as we tell you or die!!!!!!!

Guest 0.10 Dollars($)

"Nazi" is a really good analogy. I realize they have an interest to protect and they want their money. I'm also not making excuses for getting behind. However I'm not the first person to do so and I certainly wont be the last to get behind. The economy is absolutely horrible and its the middle income folks that get hit the hardest. I am working 58 hours a week to bring in extra funds. I have an extenuating circumstance that I need additional time to recoup from. I guess I'm having a hard time understanding the lenders poor attitude and why they would want to do this-when I have suffered no job loss or loss of income. It is a total stress out. Is it really worth their while when the amount past due is such a small amount that can be corrected in a small amount of time??

Jessica · Posted: Wed May 14, 2008 4:19 am Post subject: RE:

Well I think they know it better as to whether they're wasting their time. But for you to save your credit from getting a hit, the best thing is to negotiate with the company and pay off the debt.

I was a bit skeptical initially but now I realize that you have initially contacted the collections dept. Well they won't be able to help you in this situation. It's for the loss mitigation dept. to take some steps and help you save your home and credit.

Regards,

Jessica.

Niicss · Joined: 03 Oct 2005 Posts: 807 118.35 Dollars($)

Welcome Cameljr.

the good thing that you have done is you have consulted with an attorney. When you have gone for the repayment plan haven't you check how loan will it take to pay off. Was it a interest only option? cannot you make the monthly payments now?

cliff · Posted: Wed May 14, 2008 5:52 am Post subject:

I'm contacting my contact who is familiar with US Bank to see what is going on with this "Asset Management" department.

cliff · Posted: Wed May 14, 2008 4:08 pm Post subject:

Ok spoke with an individual who talk to US Bank. She said the Assest Management is a subsidiary of US Bank. In other words she said there should be no reason they would have your mortgage. Could it be that you are talking to the foreclosure or REO department?

Did they send you a foreclosure notice?

Guest 0.10 Dollars($)

From what I understand from my Housing Counselor I received a "Breech" letter. If I dont pay the full (past due) amount by the date they provided they will start the proceedings.

Fortunately, the calls at my company are recorded and I have pulled the recorded conversation from March when I called and asked for Loss Mitigation to advise them of my auto problems and ask for a repayment plan. The collection rep deceitfully told me she was Loss Mitigation and that there was nothing she could do. I wonder if they would like that played in court?????

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