The Second Mortgage on My Investment Property is Being Sold to Another Servicing Company

Day 309 of my Financial Freedom Countdown

Along with restructuring all our credit card debt, we have been working on getting a loan modification on our primary residence since February of this year with no avail. We have been diligently following up with everything the bank has asked for, but they keep coming back and asking for updated information or totally new requests for other items not previously asked for. The thing is it didn't take no where as long to get a loan modification on our rental property's first mortgage, but we didn't stand a chance on the second mortgage for the investment property.

We applied for a loan mod on the second mortgage the same time we did for the first mortgage on the rental. However, we were almost immediately told the second mortgage had mortgage insurance on it and it had claim against it. This was back in June and now it looks like that process is now complete.

We received a letter from our previous servicer that our loan had indeed been officially transferred and I also noticed that the loan no longer reflects on our online banking account profile. We have not been contacted by the new servicer yet, but I expect that we will hear from them very soon as I know they will want to get paid. I just hope they will want to work with us and this won't be another case of the Lord giveth and the creditor taketh away. We really want to work things out.

photo via (adversaryproceeding)

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

Did you enjoy reading this article? You can receive free full-text articles from Financial Elite by RSS in your email inbox daily by entering your email HERE. Your  email will only be used for this daily subscription, and each email will include a link you may use to unsubscribe at any time. Also follow us on Twitter.