mortgage sold to Real time solutions

[Gabriel_S]

Hi, just got a letter today from BOA stating that they sold (looks like my second mortgage) to Real Time Solutions. My home was never re-affirmed and have not made any payments since last april. Appears Real Time is a Debt collection agency. Isn't it against the law to try to collect a debt on a home that wasn't re-affirmed after chapter 7 bankruptcy? Really confused not to mention worried as all hell right now. I'm still looking for work and was hoping to find a job before all this went down. Any insight would be GREATLY appreciated !!!!!!!!!

[mtbc]

Assuming there's still the lien against the property for the debt and your bankruptcy case is all done then I don't see why they couldn't foreclose, but usually there's little point in a second mortgage holder doing so because there's rarely enough value at auction to pay the first mortgage holder and legal fees, let alone the second too. Indeed, they're not meant to try to shake you down for the money, but foreclosure probably remains an option, just not one that's usually worth second mortgage holders' effort.

[pelicula]

Hi there,
I filed CH7 same time as you did.
Did not reaffirm the mortg. Countrywide(sold to BOA sold Real time solutions)
Got a call last week frm them. Real scammers. Beware.

I quote" Hello Ms.... You have not pad your HELOC for the past 1.5 years. We need to set up payment plan ASAP."

I told him about my BK. He says" Oh , but it did not go through" WHAAAAT????

After he supposedly put me on hold to speak to his ""manager""
He apologized and said that this info was just put into the system today and that they will never call me again.

SCAMMERS.
FULL OF BS

[Gabriel_S]

Assuming there's still the lien against the property for the debt and your bankruptcy case is all done then I don't see why they couldn't foreclose, but usually there's little point in a second mortgage holder doing so because there's rarely enough value at auction to pay the first mortgage holder and legal fees, let alone the second too. Indeed, they're not meant to try to shake you down for the money, but foreclosure probably remains an option, just not one that's usually worth second mortgage holders' effort.

Thanks for the reply MTBC but I'm still very confused. I understand BOA can foreclose on me, I was hoping to find a job 1st and remodify but that seems out of the question now. I was under the impression that it is against the law for a debt collector to try to collect a debt after a chapter 7?

What can I expect to happen and is there any course of action I can take to prevent harassment from them?

Thanks again
Gabriel

[Gabriel_S]

Hi there,
I filed CH7 same time as you did.
Did not reaffirm the mortg. Countrywide(sold to BOA sold Real time solutions)
Got a call last week frm them. Real scammers. Beware.

I quote" Hello Ms.... You have not pad your HELOC for the past 1.5 years. We need to set up payment plan ASAP."

I told him about my BK. He says" Oh , but it did not go through" WHAAAAT????

After he supposedly put me on hold to speak to his ""manager""
He apologized and said that this info was just put into the system today and that they will never call me again.

SCAMMERS.
FULL OF BS

Hi Pelicula,

Thanks so much for this answer. at least i know what to expect now. I have my Discharge papers in a VERY safe place just in case situations like this came up. Man i was really hoping all this stuff was behind me, just goes to show!

[biotechsolution]

The second was always secured by the lien filed, so they will always have interest in the property. If you ever tried to sell the home, the 2nd (Real Time) would have to sign off on it. The debt was discharged but the lien will remain with the property. What they most likely would do is wait till home values recoup but if I'm not mistaken the late fees and interest could continue to accure. If you plan on staying in the home you may want to see if they will settle while the home prices are still low.

[mtbc]

I was under the impression that it is against the law for a debt collector to try to collect a debt after a chapter 7?

Absolutely, that's why I said tht they're not meant to try to shake you down for the money. It was wrong of that place somebody else mentioned to talk about payment plans for the HELOC. However, foreclosing then going to auction is a completely different thing, chapter 7 doesn't necessarily prevent that -- they're not asking you for money, they're just liquidating the collateral they have a lien on.