Re: Foreclosure

Posted by Janie on November 24, 2004 at 14:18:45:

In Reply to: Foreclosure posted by Buck Green on November 24, 2004 at 08:19:38:

I believe it's called "Mortgage Servicing." Lenders sell the note to another lender, or, pay another entity to service the loan.

Yes, it is legal. That does not mean something illegal has happened since the transfer.

Questions:

1. Are you in default on the second note?

2. Were you served with a Notice of Default?

3. How far along in the foreclosure process are you?

4. Have you talked to your first lender about absorbing the second into the first note?

5. Have you tried to refinance to consolidate the two loans?

There is a forum of people called Mortgage Servicing Fraud that can give you better insight on what to do or not do in regards to the mortgage issue. They'll direct you to where to write or what steps to take to clear up any misinformation on your account.

• Mortgage Servicing Fraud

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Comments:
: I believe it's called "Mortgage Servicing."  Lenders sell the note to another lender, or, pay another entity to service the loan.

: Yes, it is legal.   That does not mean something illegal has happened since the transfer.


: Questions:

: 1.  Are you in default on the second note?

: 2. Were you served with a Notice of Default?

: 3. How far along in the foreclosure process are you?

: 4. Have you talked to your first lender about absorbing the second into the first note?

: 5. Have you tried to refinance to consolidate the two loans?

: 
: There is a forum of people called Mortgage Servicing Fraud that can give you better insight on what to do or not do in regards to the mortgage issue.  They'll direct you to where to write or what steps to take to clear up any misinformation on your account.




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