Foreclosure

[jessl]

Hi,

I was served in April, 2009 that I was being sued for nonpayment of mortgage. Lender is GMAC. Court date was set for 7/6/09. That date came and went and I didn't hear anything. The other day I checked the court cases online and it showed a new court date in October with a description of "Dismissal Calendar." I called the judge's office who is handling the case and was told that the attorney did not show up on 7/6 and it will be dismissed if nothing is done by the Oct. date.

Anyone know what happens then? How long do they have to sue?

Thanks in advance.

[jessl]

Foreclosure

I also had a home equity loan with GMAC that I haven't made a payment on in 9 months. I figured it would go along with the foreclosure. Yesterday I got a letter from GMAC by regular mail that my home equity loan has been sold to Specialized Loan Servicing, LLC and I should make future payments to them.

Why would they buy a loan that hasn't had a payment for 9 months???

Thanks,

jessl

Hi,

I was served in April, 2009 that I was being sued for nonpayment of mortgage. Lender is GMAC. Court date was set for 7/6/09. That date came and went and I didn't hear anything. The other day I checked the court cases online and it showed a new court date in October with a description of "Dismissal Calendar." I called the judge's office who is handling the case and was told that the attorney did not show up on 7/6 and it will be dismissed if nothing is done by the Oct. date.

Anyone know what happens then? How long do they have to sue?

Thanks in advance.

[NoMoreCards]

I also had a home equity loan with GMAC that I haven't made a payment on in 9 months. I figured it would go along with the foreclosure. Yesterday I got a letter from GMAC by regular mail that my home equity loan has been sold to Specialized Loan Servicing, LLC and I should make future payments to them.

Why would they buy a loan that hasn't had a payment for 9 months???

Thanks,

jessl

I also have a first and second with GMAC, and have not been late on payments. I also received the mailing yesterday about the second being sold to Specialized Loan Servicing. I don't think it has to do with the account being current or not, but perhaps they needed to unload some debt??

[Lajazz947]

I also had a home equity loan with GMAC that I haven't made a payment on in 9 months. I figured it would go along with the foreclosure. Yesterday I got a letter from GMAC by regular mail that my home equity loan has been sold to Specialized Loan Servicing, LLC and I should make future payments to them.

Why would they buy a loan that hasn't had a payment for 9 months???

Thanks,

jessl

Because they probably bought the loan for pennies on the dollar. I am not sure what the value of your house is relative to the loan is but that would be my guess.

[limage]

I stopped paying in Oct 08. Citi filed a Lis Pendens in February and I was served in March. Nothing happened. In July they were sent a notice to dismiss. Since nothing has been added to the file from what I can see online, I assume it was dismissed.

Now my Condo Association has filed to foreclose. I don't think they will stall but I'm not sure they are doing anything but wasting time and money. Won't they have to pay off my liens to get possession? I am way upside down.

[SleepWellNow]

We had a second loan with National City for 3 years and were never late. The same month we decided to file BK and not make the payment, we got a letter saying the loan was sold to Green Tree. Ended up having to file against Green Tree. I kind of feel bad for them. Bet they were sorry they made THAT purchase.