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Countrywide assigns 2nd mortgage to Real Time Resolutions

I own a condo in San Diego with a first mortgage with Countrywide at $430k and a 2nd mortgage that was with Countrywide that has been assigned to Real Time Resolutions for $50k. I purchased the property for $510k, put $50k down and the value now is anywhere from $380k to $400k (best case scenario.) With this case, the first mortgage holder Countrywide at $430k is upside down (at least 50k) leaving the 2nd mortagee (real time resolutions) with no equity. My question is this: Real Time Resolutions is pushing for payment or they are threating to foreclose. Is that really an option for them? What are some of my options? I have yet to speak with Real Time Resolutions so any insight you can provide with be helpful in my conversations with them. Thanks in advance!

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi kshave,

Countrywide has assigned the [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] to Real Time Resolution which means they have charged off the loan to Real Time Resolution who will now collect the payments from you on behalf of Countrywide. Real Time, in all probability, will not foreclose on the property because Countrywide still holds the first mortgage lien position and in case of a foreclosure they are the ones who will be paid first. If there remains any excess money, it will go to Real Time Resolutions. Thus, a foreclosure by them is most unlikely. However, you can negotiate with them and come to a settlement to pay off the debt.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:38 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Who is the regulatory agency that RTR falls under

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:38 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

RTR falls under the Federal Trade Commission for some issues and State Attorney General Office for others. If you have a complaint that you have been unable to resolve, you can always file a complaint with both agencies. They will usually tell you if the other is the one that should handle it.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:38 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

could someone possibly send me a copy of a letter that they received from Realtime Resolutions.
The letter i received looks suspicious and I want to compare to another collection letter to see if they match because I am concerned someone is trying to scam me.
I cannot seem to find an example online.
if anyone has one I would really appreciate it being faxed to 888-600-1157. You can of course black out your personal information.

please help :-)

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:38 | Post subject:

savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

[quote:1d7e79a555]The letter i received looks suspicious and I want to compare to another collection letter to see if they match because I am concerned someone is trying to scam me.[/quote:1d7e79a555]

What makes you think the letter looks suspicious? Can you explain the situation? Are you not sure if Realtime Resolutions has the right to collect the debt from you? Have you talked with your original lender? Have you asked Realtime Resolutions to validate their claim that they have legal authority to collect the debt from you?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:38 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i am working with whitney and would like to send in an offer for an ok from real time res.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Juan!

Welcome to forums!

Your query has been replied to in the given page:
http://www.mortgagefit.com/problems/payamount-shortsale.html

Take a look at it. Hope it helps you.

Sussane

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:38 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have never done any business with Real Time Solutions. Can anyone please help me. I check my credit report quite frequently and they have just shown up on it. I know that it could be possible for them to have bought out a company that I may have been in business with some time ago. I would like to resolve this as soon as possible. Thank you.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have never done any business with Real Time Solutions. Can anyone please help me. I check my credit report quite frequently and they have just shown up on it. I know that it could be possible for them to have bought out a company that I may have been in business with some time ago. I would like to resolve this as soon as possible. Thank you.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Marecca,

Real Time Solutions is a collection agency. May be your mortgage lender has charged off the account and assigned it to them. You should check out your credit report carefully in order to find out what debt has been assigned to them.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

please give me the fax number for REAL TIME SOLUTIONS

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi KAMAL,

I couldn't find the Fax Number of Real Time Solutions. However, their contact details will be:

(214) 599-6363
1750 Regal Row Ste 120
Dallas, TX 75235

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Real time may be trying to collect a loan it may be a mortgage from a past home. Contact the credit agency and challenge them on the information. Then Real time will have to answer to them and validate any amounts that are owed. Do they have documentation on what they allege you owe them? Can they prove you owe them? if it is an old mortgage or second mortgage the securitization process is screwed up beyond belief and documentation in many cases is poor or non existent. Typically these type of organizations are buying portfolios of loans both performing and non performing on pennies on the dollar. They try to collect. If you do owe the amount check the State statute of limitations. Typically these institutions buy old non performing loans where the statute most likely has run out and are just hoping to intimidate you into paying. They can sue you to collect so if they are serious in collecting let them sue. Then you have a chance to negotiate payments if needed. If not all they want you to do is pay the full amount in 30 days. Which is absurd. Put them on ignore until you see the summons. And take the summons very seriously.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Here is the thing. They can forclose on you as can your home owners assoc. if your dues are behind. However, the reality of forclosing on a second with the main being so high may not get them anything as the main loan holder will pull out their cards and get money first. It really doesn't make sence for them to forclose as it is very expensive. I work in loan servicing and deal with this everyday.

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