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Company Loan Type APR Est. Pmt.

2nd mortgage

Posted on: 19th Sep, 2010 03:25 pm
2nd mtg was taken over by Real Time Solutions, they tell me that they bought the loan, they seemed to be a collection agency. Are they both?

My first mtg was just brought current, but Real Time tells me they can foreclose on my propert when my 2nd mtg balance is $24,000 -?? ist that true? or can they just put a lien?

Does anybody know if they will modify my sucky 2nd?
hi maryjomak,

as far as i know real time solutions is a collection agency. you should contact your second mortgage lender and check out whether or not they have charged off the mortgage to a collection agency. the collection agency will have to get a judgment from the court in order to foreclose the property.

thanks
Posted on: 19th Sep, 2010 09:10 pm
A second mortgage is a lien on the property. If that lien has simply been assigned to this company, then they certainly have the right to enforce the terms of the lien. However, secondary lienholders are not in a very good position to begin such an action, due to lack of equity in so many cases.

They are likely simply making a threat of foreclosure in order to persuade you to begin repayment. It is, in fact, wise of you to repay if you can.
Posted on: 20th Sep, 2010 06:29 am
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