Compare Mortgage Quotes

Guest

my house was foreclosed and bank of america sold me 2nd loan to realtime resolutions. was boa required to notify me before sending loan to RTR? i am only wondering because i would have settled with them instead of the collectors who are so insane and will not accept a 10% offer. i have easily settled with my heloc with another bank. rtr initially accepted offer but later declined and have started asking for more documentations before settlement...bank statements, retirements, tax records, which i am not ready to provide. i live in virginia.

chrisgummerson · Posted: Thu Dec 22, 2011 12:54 pm Post subject:

Lenders are required to inform you of the transfer of a loan for servicing. Once the loan has been in default, and foreclosed, then the servicer will sell the amount owed to a collection agency. Then this agency can sell the rights to the collection again, and so forth. No they do not need to inform you they will be selling your collections, but the new collection agency must be able to justify, verify that they debt they are collecting is in fact your debt. They want to see your financials because they probably feel you have money avaiable to pay the debt.

jameshogg · Posted: Thu Dec 22, 2011 9:10 pm Post subject:

Hi ama,

I agree with what Chris has said. The lenders are required to inform you when they transfer a loan for servicing but not always when they send your loan to collections.

Thanks

Guest

First time to site, but yeah, that's funny, I work at RTR, traditionally you will receive something from previous servicer prior to transfer to RTR, I do know for sure that we send out an initial 'hello letter' when we board the loans to our system, its generated automatically and sent out, if there is not a correct address on file you may not receive it.

jameshogg · Posted: Mon Feb 06, 2012 1:15 am Post subject:

Thanks for sharing your opinion in the forums, Guest!! Smile

gmakerley · Posted: Mon Feb 06, 2012 1:10 pm Post subject:

Assigning a bad debt to a collector does not require that the original lender notify you of a transfer. What we're talking about here is not the transfer of servicing. It is a bad debt that the bank in this case has written off its books. Turning it over to a collection agency is a completely different business action than a transfer of servicing.