Get a lawyer. That debt may not be collectable. I think if they haven't tried to collect in four years in California, the debt is uncollectable. Please consult a local realestate attorney.
There is a Statue of limitation law I believe they have 7 years to collect and have to make every attempt to collect. No attempt in 15 years sounds fishy to me get a lawyer.
Likely true. If the 2nd mortgage was charged off, it’s because at that time, there was not sufficient value to the property to make foreclosing worth the cost. So the debt sat out there until probably the statute of limitations was about to expire and then the bank had to make a decision; write it off and send her a 1099 and she owes taxes on it or try to collect the debt.
The repeating line from all the different stories is, “‘I was not made aware’ that my modified loan did not involve the 2nd load.” I have heard this 5 times so far.
How is it that they NEVER notified her from early on about the mortgage delinquency? I mean, she's living in the same home that was financed, so they know her address.
Often times the mortgages were bundled into bonds or Mortgage Backed Securities (MBS) and sold again and again. That might not be the case here. That's just what happened a lot back then, so the actual owner of the loan could have changed hands several times over. Now whether that debt is still valid will probably have to be settled in court I would imagine.
The second mortgage was probably sold for pennies on the dollar to another loan servicer, who didn't send statements and waited for a chance to seize the home on the grounds of unpaid debt. It's happening more now that home prices are going up.
Whatever is on the contract that she signed is what the courts have to go by. There is contract law, and there is what people want. The courts, being a legal entity, will have to follow the law. There is always Go-Fund-Me for the people who have a heart but not the law.
The law requires quite a bit for mortgage collections. Often people don’t pay attention to what they sign either. We got a long way to go before this ends.
For mortgages, they actually have standards for disclosures. There is no fine print. They are required to show breakdowns of debts being paid down with the fees. She likely signed with a notary who wasn’t the lender and she didn’t read it.
I’ve heard of these zombie loans coming back. What a rip off and to not notify her all those years as penalties and fees added up! I’m hoping she gets resolution soon.
I believe that after 15 years of no correspondence this bank has no right to collect on this loan. She should have been notified within 60 days after she refinanced no 15 years. A judge should throw it out
It's definitely not a bank. Banks would have sold it off a long time ago so they can have money to make more loans. It's going to be a debt collector. They buy loans on the cheap, hoping enough will pay to make a profit.
@@foxtrotwolf6081agreed, but it is a loan with the house as collateral. So a debt collector can place a lien, and then move to foreclosure to collect the money. The second mortgages don’t get charged off. Why would they…the house is potential collateral. Unless they are being refinanced into an existing mortgage, they still exist as legal documents.
@@seanm3226how can that be? She did notice her renegotiated payments had risen to some extent compared to her old mortgages. Whoever did the refinancing on these loans obviously failed to payoff the second mortgage. If a title company handled the refinance they by law are legally obligated to forward the money to the holder of the second note and pass off a paid in full receipt from that second creditor to the holder of the loan. Failure to do so makes the title company fully responsible for failing to do the proper paperwork.
A mortgage company has no fiduciary responsibility towards the borrower, they have contractual obligations just like the borrower does, but there is no fiduciary relationship there.
@@SeanOBrien77the entity that set the loan up has a fifuciary respomsibility. Every loan officer has to have a license that carries with it that fiduciary responsibility.
Whoever closed these loans is responsible! There is always a first payment letter included in the closing. A modification can and will not consolidate two loans. That must be clear. The purpose of a notarization is to be sure the signer understands the documents not just the identity of the signer! The servicer simply bought the loan from whoever closed it. Sad to say it but it is the borrowers responsibility to understand the process and to often people rely on what's said in lue of reading every document in it's entirety. There is always a payment of some kind, even with a reverse mortgage where the property itself is the repayment. Awful story and feel bad for the borrowers.😢
Obviously, these companies intentionally put these loans in a "Deep Sleep" mode as part of a future way of taking these properties from unsuspecting homeowners!
This is a loss mitigation error that should have been fixed at the time the loan modification was recorded. Get an attorney & go back to the original mortgage company who approved the modification & hold them accountable to hold/stop the foreclosure to reconcile.
If an agent of a bank or debt collection company promises you something (like a charge off or modification), get the details in writing. This happens when you don't. The debt that you think is forgiven can be sold to another debt collector.
There for awhile banks would have people take out a 2nd mortgage so customers could put enough down to avoid paying the PMI insurance. It was called a 80, 15, 5 loan. You take out 2 loans and only have a 5% down payment and no PMI payment. It was shady, and every bank and realtor was doing it. I bet these are the loans that are coming back to bite these people.
I believe your assessment to be correct. Often times people were taking 80/20 loans with no money down to avoid PMI. At one point they were literally giving loans to anyone who would apply regardless of qualification to pay it back.
@@M_SC private mortgage insurance, it was required when the down payment was less then 20%. It was designed to protect the lender but they did everything they could to help borrowers get around that fee by borrowing more money. A lot of those 2nd mortgages had adjustable rates and they would only bill you the interest amount. The whole thing was really shady and it's no wonder there was a meltdown in 2008.
Shady was the qualifying for those 2009 loans that caused the financial crisis. Now you have hundreds of thousands of equity accumulated during the last 15 years and whoever is holding that 2nd mortgage is collecting.
looks like she did not clearly understand the loan modification when it was done. Also, she says the second mortgage was shady but she is the one who took it out.
@@totit_t1445 She knew it was shady when she did it. Maybe this strong, independent woman shouldn't have been so shady and divorced her husband. Now she sits there with a grin on her face talking about how scary it is. What a crock of ish.
Maybe she put her 1st and 2nd mortgage together to a 15 year balloon loan? The payment would be higher with both loans consolidated and then the large balloon comes due at the end. It's easy to forget the balloon after 15 years!
Plus, nobody is going to do a refi on a home that has a charge off. Whoever did the charge off would put a lein on the home, and nothing could be done with the mortgage until the lein is satisfied. She would have to take care of both loans to refi!
When they put the onus on the banks giving out this money, then it will magically stop...as long as the onus is on the victim nothing will ever change...
My guess is someone bought the delinquent debt and is using scare tactics to collect. They are a 2nd mtg. They are stuck w nothing until the 1st is paid off.
Every company involved in the housing market needs to be investigated by congress. From banks that loan money to the stock market groups purchasing large amounts of homes and driving up rent/home costs.
In the movie, "The Big Short," there is a scene where Michael Burry is writing to his fund's investors and he says (approximately), "...I have come to the conclusion that the mortgage industry in this country is fraudulent." This is a case in point.
You would have the discharge of lein on the first loan and the paper work for the second loan. That would be your audit trail. Those documents would be filed with the COUNTY. Don't deal with anybody but the COUNTY. If they try and litigate against you keep all the documents they send and note down the date and time of any phone calls and keep any emails. This in court you can counter sue for pain and suffering damages. After you show the court thee legitimate documents proving your debt.
B of A stole our home telling us we were fine as we qualified for a loan modification. Then proceeded to create the new loan with incorrect information and tell us oh yeah we made a mistake but we will not correct it. You can either accept or reject the new loan. After rejecting it then they told us now you don't qualify and we are foreclosing on you. Lost over 130k of money we spent over 13 years of paying on that house. Never trust a bank except to take everything they can.
this one depends, if they made a mistake on your application which made you qualify for something you shouldn't have there is nothing you can do. However if they "made a mistake" aka changed the information after and didn't fix it (and have proof), you could have taken them to court over it. Not many people are aware of it, but there are laws regarding contract writing to protect consumer. Things like you don't see any literal fine print because they are not allowed to make contracts maliciously misleading. This includes the yee old bait and switch of telling you one thing and then trying to get you to sign something else.
To my knowledge, having had four mortgages, two second mortgages and four refinances, I don't think a house can be refinanced WITHOUT the second mortgage. The first mortgage is what the second mortgage is based on. You cannot sell a house without the second mortgage getting paid off. The second doesn't have a separate existence as far as I know. This was apparently a mistake by whoever refinanced the mortgage, and they are liable.
I was a loan officer. You can. The new first mortgage holder must agree and the second is reregistered as of a later date and the second holder agrees to stay in second position. I did such a transaction for a client. And you are talikg about a sale, this was a refinance known as a modification.
This seems to be a new way of banks/investors to make more money…. Many new stories in the past week. Looks like someone decided to buy lost or written off second mortgages and go after people, now that houses have gone up in value.
Dollar General is placing additional purchase equivalent holds on debit/pos sales. (not credit cards, not a gas pump) So they just get to additionally borrow for a week however much you spend. Single parents without overdraft protection beware.
It wasn’t as easy nor free as it is today. You can check it daily now with a click, free, but before you’d have to request it, pay a fee and then wait for it to be mailed to you.
@@lvanasse2 The Fair Credit Reporting Act (FCRA) of 2003 requires the three major credit reporting agencies, Equifax, Experian, and TransUnion, to provide one free credit report to consumers every 12 months upon request. The internet also existed 15 years ago I've checked my credit report online, for free, for well over 15 years... Try again...
Why would you check your credit score after you bought a house you don’t plan to move out of? Pfft people think credit scores are some report card of their finances when they aren’t
There is no excuse to not check your credit score every year. If not for this exact reason, that to make sure there has been no identity theft on your name and social.
There is no such thing as "charging off" a second mortgage. She is blaming the wrong people. She had her first mortgage modified and did not pay her second loan for 15 years. That lien and responsibility did not go away. This happens to a lot of homeowner. Thus why it's called a zombie mortgage. She "assumed" wrong. A simple credit check could have brought this to lite.
During the GFC, I've seen properties with three trust deeds, meaning three loans. The 3rd loan was for the down payment and was called a silent trust deed and after 10 years the debt was supposedly forgiven, with no payments made by the borrower. Creative financing by the builder's lender to sell homes to people who could not afford them. These borrowers could not afford to stay in their homes because the terms on the first two loans were bound for failure. Predatory lending that discriminates on those who don't have money.
friend had his loan modified by the bank. he complained to me he had to pay taxes on the 40 grand they forgave. great deal if you ask me. But he was mad. we are lost as a nation
These stories have been popping up like crazy the past couple days and the one common theme is that all the individuals thought the loan payment were rolled into their new mortgage payment. Everyone is saying how their payment amount changed. Meanwhile, the companies stayed silent all these years, accusing late payment fees etc.
California has what is called an aggressive collections policy in which every debt is presumed to be valid due and owed, and aggressive collection measures are taken and then the person must prove innocence and file for a refund. They tried to get me for the same ticket four times.
If she kept her records, which one should always do, she can go over them and show the company the modified loan she took out aggregated the various prior loans. But frankly, she should have known that from 2009 whenever she refinanced. It should be obvious from the paperwork. She sounds way too vague in the interview, so I am guessing she may have been hoping for an unearned windfall. Ordinarily when a loan is paid off during a modification or refinancing, you get a balance letter from the old lender showing your balance was paid off. If you don't have that, you need to ask for it.
I suspect she signed a 15 year balloon agreement which would be due now. She chose not to pay on it all this time and it's due this year. She should understand everything before signing an agreement. She had all this time to enjoy that money she borrowed.
Companies found a new sleezy way to make money buy buy up old dormant(dead) debt many years old and trying to collect on it with added late fees and compounded interest. They are reviving "dead" loans of the past- that's why they are called "zombie loans". It should be illegal.
@@williamwilson6499Right. Charge off just means the original lender decided it was uncollectible but it doesn’t mean it won’t be sold to another company to collect on it.
Provident Bank Riverside CA took my home by leading me into a loan modification process...delaying the process long enough to allow me go into default. Denied the loan and took my Childcare home business...this is fraud? There is no statue of limitations of fraud..I need help getting my story out ..and assistance in receiving reimbursements for the loss of my home and business
Im so glad I used the help of my county housing authority for my underwater loan modification during the housing crisis. It worked out well for me but the process was confusing abd stressful and i don't think i could have succeeded without the advocate helping me. I can't imagine having a second mortgage pop up out of nowhere years later. I hope this women is able to get the right help she needs.
I DID A HOME MODIFICATION IN COLORADO AND DID NOT KNOW THAT THEIR WAS AN EXTRA HUD SECOND MORTGAGE ON MY MODIFICATION. IT WAS ONLY AFTER SELLING MY HOME DID I HAVE TO PAY HUD 50 K. STUDY AND READ THE FINE PRINT IN OF EVERY FINANCIAL TRANSACTION.
This is criminal at best a specific group of people take a guess bought these loans and sat on them after so many years these loans wasn't mention in their modification then it should be null and void
The modified loan balance increased because the mortgage company capitalized delinquent interest and escrow advances. THERES no way that amount was the exact payoff amount of the 2nd mortgage. She assumed and that’s her mistake. People, READ & UNDERSTAND anything you’re asked to sign. Ask questions and get everything in writing. Only you can protect yourself from assumptions.
Another good reason to be extremely grateful one does not live in the land of the “free” and the home of the brave who are persecuted by criminal institutions.
so for 15 yrs this company never sent a bill to her? sounds like this company intentionally with held it to try and take her home later. especially with the rise in housing prices. this company could easily sell the home for massive profits. imaging the number of ppl besides this lady that are going thru this.
Same happened with my mother, was given two loan to be able to afford a 180k price for her home in 2007 then got a loan modification in 2009, believed the second loan was charged off but actually like the first loan was sold off to another bank after the initial one went out of business.
never take a company or even an individual's word for anything unless it's written in a contract when it comes to your money. even though in a lot of places verbal agreements are legally binding, its very hard to reference a conversation. at the very least get an email
1. You are way past the statute of limitations, not possible to collect on this. 2. Sue the crap out of your bank for setting this scam up in the first place.
Wow. A lot of heartless comments on the page. How many of you who are not in the profession, understand the legal language of most contracts? I doubt you do.
I heard one of the guys talking at work about his mortgage went up and how a lot of first time mortgage owners don't know that your mortgage payments go up? Every year or so? I always thought it stayed the same because it was like being under contract and eventually you'll own the house anyway and have to pay for all the upkeep and care and it depreciates over time so that took me by surprise!
Teresa!!!If there’s Anyone on themPlanet Earth who Clearly does NOT deserve this,I am 100% convinced it’s You !!!!…I sincerely hope this All works out for you !!Sending Love,Light,and The Best of all Wishes your way !!!…Melissa…
The fault appears to be on the company that settled her 2nd Mortgage. They appear to have not paid and completed closing the second mortgage otherwise the new lender would be have the paperwork and trail supporting it
So, you took out a second mortgage and never paid a dime of it and are now surprised you owe that money? What a load of BS. This is just being irresponsible and entitled. And because someone didn’t baby you, and hold you hand, and sit you down every month and remind you to pay the money you knowingly owed you’re whining about it now? It’s called adulting!!!
Imagine having an adjustable mortgage and after paying 500 a month for years. You're suddenly expected to pay fifteen hundred or whatever? Why am I being asked to pay so much more?😢
The saddest part.. she's been making payments per the debt agreement but the lender probably went out of business, the debt was moved and moved and moved (which is how the suddenly appear wihtout any communication a decade later)... the real question is.. where have those payments been going and whose been getting them? if the debt moved the payment should have as well. I've heard of cases where a third party has just been pocketing the payments... just a mess from the time period.
Gotta read the T&C's and all the microscopic print because I bet something was buried in that. These lenders want money at all cost. It might not be illegal what they did but it's certainly not ethical. What a nightmare.
In Germany claims "expire" after 4 years, if you fail to make the claims within that time. This is to prevent such insane surprises . If you neglect to make your claim on time, your bad.
Get a lawyer. That debt may not be collectable. I think if they haven't tried to collect in four years in California, the debt is uncollectable. Please consult a local realestate attorney.
Yes, 4 years is the cut off
This doesn’t apply if it is not a consumer debt. Secured debts aren’t forgiven or charged off.
There is a Statue of limitation law I believe they have 7 years to collect and have to make every attempt to collect.
No attempt in 15 years sounds fishy to me get a lawyer.
@@littleone7404 in Ca it’s four
Might be able to file bankruptcy
I am so tired of financial institutions’ collaboration with criminals.
Collaboration? Many of them are criminals.
I thought criminals collaborated with banks 🤔
So do you get paid on your job? me thinks you do. well a loan is just like that. Its employment for the banks..duh
People would be shocked to find out that the credit bureaus sell your information.
It’s because your home is now worth enough for them to come after you.
Likely true. If the 2nd mortgage was charged off, it’s because at that time, there was not sufficient value to the property to make foreclosing worth the cost. So the debt sat out there until probably the statute of limitations was about to expire and then the bank had to make a decision; write it off and send her a 1099 and she owes taxes on it or try to collect the debt.
Exactly 2nds or more are paid after the 1st loan is satisfied, In a down market nothing is left buy you still owe it.
The repeating line from all the different stories is, “‘I was not made aware’ that my modified loan did not involve the 2nd load.” I have heard this 5 times so far.
Someone bought a bunch of old debt and is trying to collect or take ur house.
How is it that they NEVER notified her from early on about the mortgage delinquency? I mean, she's living in the same home that was financed, so they know her address.
Often times the mortgages were bundled into bonds or Mortgage Backed Securities (MBS) and sold again and again. That might not be the case here. That's just what happened a lot back then, so the actual owner of the loan could have changed hands several times over. Now whether that debt is still valid will probably have to be settled in court I would imagine.
The second mortgage was probably sold for pennies on the dollar to another loan servicer, who didn't send statements and waited for a chance to seize the home on the grounds of unpaid debt. It's happening more now that home prices are going up.
Whatever is on the contract that she signed is what the courts have to go by. There is contract law, and there is what people want. The courts, being a legal entity, will have to follow the law. There is always Go-Fund-Me for the people who have a heart but not the law.
Why not ask why she didn't expect to pay off a $50,0000 loan?
She knew she wasn't making payments.
All the while penalties and fees building up. This is robbery.
Banks are just legal thieves.
thieves love democrat run cities because they know there will be no consequences
The law requires quite a bit for mortgage collections. Often people don’t pay attention to what they sign either.
We got a long way to go before this ends.
She defaulted on a loan. She’s the thief.
Sounds about jew
@@williamwilson6499😂
Word to the wise…Never, ever, assume anything. Get it in writing and have someone explain it to you face to face…Period! 🤢🤢
Problem is, these things are designed to be overly complicated and confusing.
I can see you don’t know how the world of zombie debt works. You should watch the John Oliver episode
@askani21
Not true. Most people have the bad habit of not reading and literally assume that everything is aa they think.
Name the Company
Never assume. Never trust financial establishments. Read the fine print.
For mortgages, they actually have standards for disclosures. There is no fine print.
They are required to show breakdowns of debts being paid down with the fees.
She likely signed with a notary who wasn’t the lender and she didn’t read it.
So is the govt 😅
Yep, just like politicians and salespeople, if what they tell you isn't on the contract, it didn't happen.
@@foxtrotwolf6081 for mortgages, there are strict laws. For foreclose, the laws are even more strict.
If they broke the law, she should be fine.
No need to read the fineprint.
She knew she wasn't making payments.
Should've talked to a lawyer first and the media second.
But doing this way she might get a free lawyer.
How do you know she didn’t? Sheesh know it alls are RIDICULOUS!!!
@@shawnmurray9964 People who type in caps have no couth!
@@puffnstuff12 eyeroll
Ya think lawyers are saviors. Bwa ha ha ha ha ha
Statute of limitations should apply.
It doesn't in this situation.
@@Omar_Zazzle Why not and Where is the exception(carve out) in law?
So if you successfully avoid paying your debt for 15 years…that debt should legally disappear?
@@seanm3226 If the debtor fails to notify you of any charges for years and years then yes, it should be cleared and dismissed if it's past 7yrs-8yrs.
It does. What is the statute of limitations in this situation?
How terrifying. Lawmakers need to be looking into this!
People need to pay their bills
I’ve heard of these zombie loans coming back. What a rip off and to not notify her all those years as penalties and fees added up! I’m hoping she gets resolution soon.
I believe that after 15 years of no correspondence this bank has no right to collect on this loan.
She should have been notified within 60 days after she refinanced no 15 years. A judge should throw it out
She was aware she owed money.
It's definitely not a bank. Banks would have sold it off a long time ago so they can have money to make more loans. It's going to be a debt collector. They buy loans on the cheap, hoping enough will pay to make a profit.
@@foxtrotwolf6081agreed, but it is a loan with the house as collateral. So a debt collector can place a lien, and then move to foreclosure to collect the money. The second mortgages don’t get charged off. Why would they…the house is potential collateral. Unless they are being refinanced into an existing mortgage, they still exist as legal documents.
@@seanm3226how can that be? She did notice her renegotiated payments had risen to some extent compared to her old mortgages. Whoever did the refinancing on these loans obviously failed to payoff the second mortgage. If a title company handled the refinance they by law are legally obligated to forward the money to the holder of the second note and pass off a paid in full receipt from that second creditor to the holder of the loan. Failure to do so makes the title company fully responsible for failing to do the proper paperwork.
@@foxtrotwolf6081 and why not
There is a fiduciary responsibility of these mortgage companies so they should be sued.
A mortgage company has no fiduciary responsibility towards the borrower, they have contractual obligations just like the borrower does, but there is no fiduciary relationship there.
@@SeanOBrien77the entity that set the loan up has a fifuciary respomsibility. Every loan officer has to have a license that carries with it that fiduciary responsibility.
Whoever closed these loans is responsible! There is always a first payment letter included in the closing. A modification can and will not consolidate two loans. That must be clear. The purpose of a notarization is to be sure the signer understands the documents not just the identity of the signer! The servicer simply bought the loan from whoever closed it. Sad to say it but it is the borrowers responsibility to understand the process and to often people rely on what's said in lue of reading every document in it's entirety. There is always a payment of some kind, even with a reverse mortgage where the property itself is the repayment. Awful story and feel bad for the borrowers.😢
@@DeeSands-kj1ioYep. They check your ID, not your IQ.
Obviously, these companies intentionally put these loans in a "Deep Sleep" mode as part of a future way of taking these properties from unsuspecting homeowners!
No, 2nd loans are not the 1st in a bankruptcy,or sale.. So until home value goes up tough luck..geez homes doubled in value
This is a loss mitigation error that should have been fixed at the time the loan modification was recorded. Get an attorney & go back to the original mortgage company who approved the modification & hold them accountable to hold/stop the foreclosure to reconcile.
Was this second mortgage through Bank Of America by any chance?? 🤔 When she said 'shady', that's the only bank that came to mind. 😂😂😂😂😂😅
First Citzens too
They're all the same
There is no such thing as a non-shady bank . . . Name one, please
Wells Fargo
Compare the number of problems and massive fines assessed to Wells Fargo
to all other banks in the U.S.A.
If an agent of a bank or debt collection company promises you something (like a charge off or modification), get the details in writing. This happens when you don't. The debt that you think is forgiven can be sold to another debt collector.
There for awhile banks would have people take out a 2nd mortgage so customers could put enough down to avoid paying the PMI insurance. It was called a 80, 15, 5 loan. You take out 2 loans and only have a 5% down payment and no PMI payment. It was shady, and every bank and realtor was doing it. I bet these are the loans that are coming back to bite these people.
This was me. I lost my home in 2009.
I believe your assessment to be correct. Often times people were taking 80/20 loans with no money down to avoid PMI. At one point they were literally giving loans to anyone who would apply regardless of qualification to pay it back.
The 80/20 was the most popular loan scam just before the crash. When I had one explained to me, I knew it was a disaster in the making.
What is PMI?
@@M_SC private mortgage insurance, it was required when the down payment was less then 20%. It was designed to protect the lender but they did everything they could to help borrowers get around that fee by borrowing more money. A lot of those 2nd mortgages had adjustable rates and they would only bill you the interest amount. The whole thing was really shady and it's no wonder there was a meltdown in 2008.
The bank did this to her they sold the written off debt.
Shady was the qualifying for those 2009 loans that caused the financial crisis. Now you have hundreds of thousands of equity accumulated during the last 15 years and whoever is holding that 2nd mortgage is collecting.
looks like she did not clearly understand the loan modification when it was done. Also, she says the second mortgage was shady but she is the one who took it out.
Yes she said 'shady'. The only bank that came to my mind is Bank Of America . They almost tricked me too.😂😂😂😅
@@totit_t1445 She knew it was shady when she did it. Maybe this strong, independent woman shouldn't have been so shady and divorced her husband. Now she sits there with a grin on her face talking about how scary it is. What a crock of ish.
@@derekd1510you don’t know why she got divorced
@@SL-lz9jr Probably because she does shady isht...
@@derekd1510you are bitter. You do not know her situation.
The longer she talks the truth comes out ! There was no write off , they finally found who owed the money!
Maybe she put her 1st and 2nd mortgage together to a 15 year balloon loan? The payment would be higher with both loans consolidated and then the large balloon comes due at the end. It's easy to forget the balloon after 15 years!
Plus, nobody is going to do a refi on a home that has a charge off. Whoever did the charge off would put a lein on the home, and nothing could be done with the mortgage until the lein is satisfied. She would have to take care of both loans to refi!
Sounds like she genuinely made a mistake here when she modified the loan. Damn that sucks. But this is no scam, it was a huge and very costly mistake.
Hope she’s ok. These videos scare me
When they put the onus on the banks giving out this money, then it will magically stop...as long as the onus is on the victim nothing will ever change...
This is so horrible! I hope that you are Boe to get help with this. I’m so sorry that you’re going through this.
My guess is someone bought the delinquent debt and is using scare tactics to collect. They are a 2nd mtg. They are stuck w nothing until the 1st is paid off.
Not true. My 2nd mortgage foreclosed on my house. They had to pay off my 1st mortgage to do it. They did it.
Right, 1st paid off. Just in your case it’s by the 2nd lien holder.
In today's market, the 2nd will foreclose and pay off your 1st with plenty leftover for the 2nd and all the junk fees (profit) they can think of.
Every company involved in the housing market needs to be investigated by congress. From banks that loan money to the stock market groups purchasing large amounts of homes and driving up rent/home costs.
The banks are audited many times every year by various agencies. Including the CFPB. If a regulation is violated, there’s hell to pay.
Our mortgage is doing the same to us right now. It’s horrible.
Absolutely terrible! This is happening in other states too I’ve seen.
In the movie, "The Big Short," there is a scene where Michael Burry is writing to his fund's investors and he says (approximately), "...I have come to the conclusion that the mortgage industry in this country is fraudulent." This is a case in point.
Sad. Companies bought these second mortgages and waited for home prices to recover. Second should show on her home's title as a lien.
Lady didn’t get scammed she forgot about the agreement she signed. Read the fine print people, if you take out a loan it has to be repaid..
It’s passed the 7 year mark!! You can fight it !
What 7 year mark? Do you just make things up in your head?
You would have the discharge of lein on the first loan and the paper work for the second loan. That would be your audit trail. Those documents would be filed with the COUNTY. Don't deal with anybody but the COUNTY. If they try and litigate against you keep all the documents they send and note down the date and time of any phone calls and keep any emails. This in court you can counter sue for pain and suffering damages. After you show the court thee legitimate documents proving your debt.
B of A stole our home telling us we were fine as we qualified for a loan modification. Then proceeded to create the new loan with incorrect information and tell us oh yeah we made a mistake but we will not correct it. You can either accept or reject the new loan. After rejecting it then they told us now you don't qualify and we are foreclosing on you. Lost over 130k of money we spent over 13 years of paying on that house. Never trust a bank except to take everything they can.
this one depends, if they made a mistake on your application which made you qualify for something you shouldn't have there is nothing you can do.
However if they "made a mistake" aka changed the information after and didn't fix it (and have proof), you could have taken them to court over it.
Not many people are aware of it, but there are laws regarding contract writing to protect consumer. Things like you don't see any literal fine print because they are not allowed to make contracts maliciously misleading. This includes the yee old bait and switch of telling you one thing and then trying to get you to sign something else.
Absolutely Awful 😞
To my knowledge, having had four mortgages, two second mortgages and four refinances, I don't think a house can be refinanced WITHOUT the second mortgage. The first mortgage is what the second mortgage is based on. You cannot sell a house without the second mortgage getting paid off. The second doesn't have a separate existence as far as I know. This was apparently a mistake by whoever refinanced the mortgage, and they are liable.
I was a loan officer. You can. The new first mortgage holder must agree and the second is reregistered as of a later date and the second holder agrees to stay in second position. I did such a transaction for a client. And you are talikg about a sale, this was a refinance known as a modification.
It was a "modified loan", not a refinance. Two different things.
15 years and no notice?!
Who is their accountant
Dewey,Cheatum and Howe.
Why emphasis on “single mother;” what about men?
This seems to be a new way of banks/investors to make more money…. Many new stories in the past week. Looks like someone decided to buy lost or written off second mortgages and go after people, now that houses have gone up in value.
Extremely interesting and informative.
America is not a country, it is a business.
Dollar General is placing additional purchase equivalent holds on debit/pos sales. (not credit cards, not a gas pump) So they just get to additionally borrow for a week however much you spend. Single parents without overdraft protection beware.
15 years without checking your credit report? 🤔
It wasn’t as easy nor free as it is today. You can check it daily now with a click, free, but before you’d have to request it, pay a fee and then wait for it to be mailed to you.
@@lvanasse2 The Fair Credit Reporting Act (FCRA) of 2003 requires the three major credit reporting agencies, Equifax, Experian, and TransUnion, to provide one free credit report to consumers every 12 months upon request. The internet also existed 15 years ago I've checked my credit report online, for free, for well over 15 years... Try again...
Me too. Only check it if I'm denied something.
Why would you check your credit score after you bought a house you don’t plan to move out of? Pfft people think credit scores are some report card of their finances when they aren’t
There is no excuse to not check your credit score every year. If not for this exact reason, that to make sure there has been no identity theft on your name and social.
Sounds like you need to speak with a lawyer.
They planned to steal your house.
Same thing happened to my mother’s property. Realtime Resolutions is the name of the company
She had no idea she took out a loan? She signed the loan documents, right? She is an adult, right?
You aren’t, mentally
That's not what she said. she did take out the 2nd loan but thought it had been modified due to her payments going up.
@@M_SC It's her responsibility. Period.
@M_SC whatch out erybody white knight coming through. Hey buddy just marry her already if you want to save her so bad
@@codeack101wlck I dont want to save her. My point was that she is responsible for herself, so don't blame the lender if she didn't make the payments.
There is no such thing as "charging off" a second mortgage. She is blaming the wrong people. She had her first mortgage modified and did not pay her second loan for 15 years. That lien and responsibility did not go away. This happens to a lot of homeowner. Thus why it's called a zombie mortgage. She "assumed" wrong. A simple credit check could have brought this to lite.
During the GFC, I've seen properties with three trust deeds, meaning three loans. The 3rd loan was for the down payment and was called a silent trust deed and after 10 years the debt was supposedly forgiven, with no payments made by the borrower. Creative financing by the builder's lender to sell homes to people who could not afford them. These borrowers could not afford to stay in their homes because the terms on the first two loans were bound for failure. Predatory lending that discriminates on those who don't have money.
friend had his loan modified by the bank. he complained to me he had to pay taxes on the 40 grand they forgave. great deal if you ask me. But he was mad. we are lost as a nation
Unbelievable
These stories have been popping up like crazy the past couple days and the one common theme is that all the individuals thought the loan payment were rolled into their new mortgage payment. Everyone is saying how their payment amount changed. Meanwhile, the companies stayed silent all these years, accusing late payment fees etc.
If she received no notification about that loan then within the first few months of acquiring it why didn’t she contact someone and pursue that?
Because she was told it was rolled in with the new loan
She went to the bank to try to fix her mortgage situation and misunderstood what they did
California has what is called an aggressive collections policy in which every debt is presumed to be valid due and owed, and aggressive collection measures are taken and then the person must prove innocence and file for a refund. They tried to get me for the same ticket four times.
If she kept her records, which one should always do, she can go over them and show the company the modified loan she took out aggregated the various prior loans. But frankly, she should have known that from 2009 whenever she refinanced. It should be obvious from the paperwork. She sounds way too vague in the interview, so I am guessing she may have been hoping for an unearned windfall. Ordinarily when a loan is paid off during a modification or refinancing, you get a balance letter from the old lender showing your balance was paid off. If you don't have that, you need to ask for it.
the shame of it all to kick someone when they are down and vulnerable
I suspect she signed a 15 year balloon agreement which would be due now. She chose not to pay on it all this time and it's due this year. She should understand everything before signing an agreement. She had all this time to enjoy that money she borrowed.
Zombie mortgage? What does that mean?
Companies found a new sleezy way to make money buy buy up old dormant(dead) debt many years old and trying to collect on it with added late fees and compounded interest. They are reviving "dead" loans of the past- that's why they are called "zombie loans". It should be illegal.
I wondered that at first, but I believe they called it that because this second mortgage has come back from the dead (sort of) after 16 years. 🤷♀️
She had a loan charge off and she thought it was dead. But she was wrong.
@@williamwilson6499 even more confused with your post. What is a loan charge off? How many loans does it take to buy a house?
@@williamwilson6499Right. Charge off just means the original lender decided it was uncollectible but it doesn’t mean it won’t be sold to another company to collect on it.
Unless you have proof the loan was paid or “charged off”, you still owe on the loan. 1st & 2nd mortgages are not smart for the buyer who is not savvy.
Provident Bank Riverside CA took my home by leading me into a loan modification process...delaying the process long enough to allow me go into default. Denied the loan and took my Childcare home business...this is fraud? There is no statue of limitations of fraud..I need help getting my story out ..and assistance in receiving reimbursements for the loss of my home and business
Get a lawyer
Im so glad I used the help of my county housing authority for my underwater loan modification during the housing crisis. It worked out well for me but the process was confusing abd stressful and i don't think i could have succeeded without the advocate helping me. I can't imagine having a second mortgage pop up out of nowhere years later. I hope this women is able to get the right help she needs.
I DID A HOME MODIFICATION IN COLORADO AND DID NOT KNOW THAT THEIR WAS AN EXTRA HUD SECOND MORTGAGE ON MY MODIFICATION. IT WAS ONLY AFTER SELLING MY HOME DID I HAVE TO PAY HUD 50 K. STUDY AND READ THE FINE PRINT IN OF EVERY FINANCIAL TRANSACTION.
time for a lawyer..i am sure she is on it! thx.
This is criminal at best a specific group of people take a guess bought these loans and sat on them after so many years these loans wasn't mention in their modification then it should be null and void
"I assumed" ..."i was told that"...which one is it?
The modified loan balance increased because the mortgage company capitalized delinquent interest and escrow advances. THERES no way that amount was the exact payoff amount of the 2nd mortgage.
She assumed and that’s her mistake.
People, READ & UNDERSTAND anything you’re asked to sign.
Ask questions and get everything in writing.
Only you can protect yourself from assumptions.
Did this loan not appear on her credit report?
Another good reason to be extremely grateful one does not live in the land of the “free” and the home of the brave who are persecuted by criminal institutions.
Why is she single? Where is the father?
That’s not important to this story.
so for 15 yrs this company never sent a bill to her? sounds like this company intentionally with held it to try and take her home later. especially with the rise in housing prices. this company could easily sell the home for massive profits. imaging the number of ppl besides this lady that are going thru this.
Like Rodney Dangerfield said, "I bank at 'the friendly bank'. I missed 2 payments and my friend took away my car." THEY. ARE. NOT. YOUR FRIEND!
Same happened with my mother, was given two loan to be able to afford a 180k price for her home in 2007 then got a loan modification in 2009, believed the second loan was charged off but actually like the first loan was sold off to another bank after the initial one went out of business.
never take a company or even an individual's word for anything unless it's written in a contract when it comes to your money. even though in a lot of places verbal agreements are legally binding, its very hard to reference a conversation. at the very least get an email
When she took out that 2nd mortgage, did she not get papers stating how much the monthly payments would be?
1. You are way past the statute of limitations, not possible to collect on this.
2. Sue the crap out of your bank for setting this scam up in the first place.
Always ask questions!
Its past the statute of limitations. They never sent her notifications so she's off the hook.
Keep dreaming.
This is recorded debt, not some petty crime. There’s no statute of limitations.
What is the statute of limitations in this case?
@@foxtrotwolf6081 5 years.
Wow. A lot of heartless comments on the page.
How many of you who are not in the profession, understand the legal language of most contracts? I doubt you do.
Never assume, banks and the government are dirty
I heard one of the guys talking at work about his mortgage went up and how a lot of first time mortgage owners don't know that your mortgage payments go up? Every year or so?
I always thought it stayed the same because it was like being under contract and eventually you'll own the house anyway and have to pay for all the upkeep and care and it depreciates over time so that took me by surprise!
Teresa!!!If there’s Anyone on themPlanet Earth who Clearly does NOT deserve this,I am 100% convinced it’s You !!!!…I sincerely hope this All works out for you !!Sending Love,Light,and The Best of all Wishes your way !!!…Melissa…
The fault appears to be on the company that settled her 2nd Mortgage. They appear to have not paid and completed closing the second mortgage otherwise the new lender would be have the paperwork and trail supporting it
If i got something like that i would have torn it up and throw it away thinking it was a scam.
So, you took out a second mortgage and never paid a dime of it and are now surprised you owe that money? What a load of BS. This is just being irresponsible and entitled. And because someone didn’t baby you, and hold you hand, and sit you down every month and remind you to pay the money you knowingly owed you’re whining about it now? It’s called adulting!!!
I don’t think that’s what she’s describing here.
She said she had it modified and have been paying the payments!!!! You didn't listen to the entire video.
@@CyndiConnardso then shes just bad at math and didn’t fully understand the repayment of her loans. Unfortunate but she ultimately on her.🤷🏼♂️😕
Imagine having an adjustable mortgage and after paying 500 a month for years. You're suddenly expected to pay fifteen hundred or whatever? Why am I being asked to pay so much more?😢
If I finance any purchase and don't receive the bill... I'm calling the bank. I won't wait another month.
How do you not know you’re paying your mortgage for 15y.
This is only half of the story…
The saddest part.. she's been making payments per the debt agreement but the lender probably went out of business, the debt was moved and moved and moved (which is how the suddenly appear wihtout any communication a decade later)... the real question is.. where have those payments been going and whose been getting them? if the debt moved the payment should have as well. I've heard of cases where a third party has just been pocketing the payments... just a mess from the time period.
You skrong, totally independent and don't need a man, you got this!
My grandfather told me this
Don’t buy it if you can not pay for it😂
My neighbors had something similar happen. They lost their house.
Gotta read the T&C's and all the microscopic print because I bet something was buried in that. These lenders want money at all cost. It might not be illegal what they did but it's certainly not ethical. What a nightmare.
In Germany claims "expire" after 4 years, if you fail to make the claims within that time. This is to prevent such insane surprises . If you neglect to make your claim on time, your bad.