Bureau of Recovery

Hello All - Anyone dealt with Bureau of Recovery?  They are working a Chase junior lien I have under contract.  The senior is Chase....it's already starting to sound Strange!  They say they are not handling the file, although Chase told me they were.  They said when I get a negotiator name at Chase - to let them know who it is at that time.  They don't want a package.


Thoughts? 

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Permalink Reply by Jeff Payne on November 10, 2010 at 2:18am
Sounds strange, have you done any investigative work yet? Google, jigsaw.com?
Permalink Reply by Wendy Rulnick on November 10, 2010 at 3:06am
Jeff - I haven't researched yet, but it is really stranger, and not so bad! Chase called me - they already assigned the file to a negotiator. I told the negotiator what Bureau of Recovery said - to give them the name and number of the Chase negotiator when it got assigned. Chase said THEY would contact the company and work out what was to be paid to them! This is really good, as last go-round with this deal, the junior wanted a $17,000 cash contribution from the seller. This time, I think Chase is directly settling with their junior for 10%.

Jeff Payne said:
Sounds strange, have you done any investigative work yet? Google, jigsaw.com?
Permalink Reply by Kimberley Kelly on November 10, 2010 at 4:32am
Some kind of Mortgage Insurance Co. There are so many scams out there right now..I just had B of A tell me that the MI co. that sent me a letter insisting they had purchased the 2nd and demanding $4,260 payoff, was NOT real! Then I read this this a.m. http://tinyurl.com/2ea8xkn

Now it makes more sense..just a thought..
3e4roo6zfqlbcPermalink Reply by 3e4roo6zfqlbc on November 13, 2010 at 4:17am
Usually,if the 2nd is delinquent more than 6 months the loan charged off and is placed with a group to recover the loss..sounds like that may be the case here.....recovery generally means it is no long an active status loan....
sounds like you have some action now form Chase, tho...good luck!!
Permalink Reply by Wendy Rulnick on November 16, 2010 at 12:46pm
Kim - This loan has been delinquent for 1-2 years. But I have a feeling I'll get "lucky".

Kim Caneda said:
Usually,if the 2nd is delinquent more than 6 months the loan charged off and is placed with a group to recover the loss..sounds like that may be the case here.....recovery generally means it is no long an active status loan....
sounds like you have some action now form Chase, tho...good luck!!

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