Top 10 Riskiest Areas for Mortgage Loans

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My my second mortgage was bought by ASC when MLN went bankrupt. I went into foreclosure. ASC refused to be involved in the work out deal. So it fell through. Countrywide sold the property. ASC still holds a 100,000 note with no real estate property. They refuse to write it off.Ive been reported late for over a year and a half to the credit bureau by ASC.Suggestions anyone

holly of GA 10:00PM December 04, 2008

People with foreign accents (mostly middle eastern types) calling constantly. I have personally spoken to them without avail. I hired an attorney about a year ago and informed them to contact his office - no good, they still call here 7 days a week, once or twice a day from OCWEN. A recording 'This is Jennifer, please return this call @ 1-877-596-8580'. That's the only voice without a middle eastern accent! There are other calls but when attempting to discuss the issues, no one answers.
My property has been in foreclosure since June of last year. It should have gone on the auction block late Oct. of last year. ASC Servicing has the 1st now sold to someone else and OCWEN has the 2nd position. All they can do is call. They should consider picking up the 1st and THEN negotiating with the borrower. I wonder how many others are out there in the same position as me?
My attorney filed suit last week in Federal Court, Reno NV. One real positive is "Who actually carries the note"? The original lender and broker are both defunked, years ago - Bay Capitol/Randall Mortgage. Randall Mortgage's past president is being sued by State Ohio A.G.'s Office for mishandling personal documents and leaving for all to see Social Security numbers and other vital info. while making quick escape from their rented office in Dublin OH several years ago.
Anyone else out there in the same position? I can't understand why they haven't auctioned off this property? I did have comprehensive audit done by Nations Audit Group, Missouri last year, that helped put things off,,,,,I guess.

Al Public of NV 11:19AM September 07, 2008

I am a HRC and Real Estate Broker in Florida and work with many borrowers in default who would be able to continue making payments if lenders would work with them before they become delinquent; many are business people of above average intelligence who have sent multiple letters & correspondence to lenders advising of potential problems such an impending job loss, etc. and offered solutions such as deferring interest, etc. No one is asking for a free ride! Lenders' Loss Mitigation Departments (usually manned by a bunch of "cubicle monkeys" making minimum wage and possessing minimal English language speaking abilities in Sri Lanka, India, etc.) however won't even communicate with a homeowner/borrower unless in default by three or four months? There is good business sense? What am I missing? By that time the homeowner's credit rating is a "poor" minus and homeowner by then has resigned himself to loosing an "asset" that's not worth anything anymore anyway! Why would anyone after being harassed by phone, struggling anyway at that point want to cooperate with a lender that by now has additionally threatened law suits, assessed fines and penalties and has now created a situation (previously manageable or resolvable) that is too overwhelming for most to handle? Most of the people with whom I work, are hard working middle and upper middle class Americans, who are literally stuck now! I also sell and manage REOs and with as many as 10,000 plus properties for sale in this area, it is beyond puzzling that lenders – let me rephrase, their assigned agents who are usually a bunch of middle men firms (also profiting) - are also rejecting cash offers and rather sit on /hold the assets. Those properties then end up being sold 3-6 months later (during which time the actual owner/lenders/investors have accrued additional holding & management costs) for far less than the initially offered cash purchase amounts. Maybe lenders need to quit outsourcing, keep jobs here and actually be responsible to their investors by starting to handle/manage their own assets! Cut out the middle man and put educated, informed decision makers in charge not subjects who never possess a last name, never know the names of their supervisory personnel, and definitely are not even entrusted their own phone extension.
Gundula Coleman, Broker-Associate

Gundula Coleman of FL 2:20PM September 05, 2008