Replies to This Discussion

Permalink Reply by James ferebee jr on March 19, 2011 at 2:13am

They will need to make about 6 months of payments before you can attempt that...

 

Jim 

Permalink Reply by Ali S on March 19, 2011 at 3:08am

Thank you James. Have you had success doing it? what % do they usually go for?

Permalink Reply by Jeff Payne on March 24, 2011 at 3:21am

I am also interested in this.  Seems like a great idea. 

Permalink Reply by Ali S on March 24, 2011 at 3:58am

I spoke to BOFA and at first they said they don't settle at all (sure they don't), then someone at BOFA gave me a hint that they sell their prom notes to Real Time Solutions, and in a way told me to not pay and once you get a notice of default then call them up and settle with them since it has no effect on your credit..It is interesting bofa Employee will tel you that.

Permalink Reply by Jeff Payne on March 24, 2011 at 4:53am

Ali, I have dealt successfully with RTR, Real Time Resolutions.  I am not so sure that RTR is not an affiliate or susidiary of BAC.

Name:	Real Time Resolutions, Inc.
Phone:	(877) 469-7325
Address:	1750 Regal Row Ste 120
	Dallas, TX 75235-2287
Original Business Start Date:	April 2000
Type of Business:	Collection Agencies
BBB Accreditation:	This company is not a BBB Accredited business.

Permalink Reply by Jeff Payne on March 24, 2011 at 4:55am

[email protected] [email protected] [email protected] [email protected]

214-599-6390 877-469-7325 214-599-6460 214-599-6441

Permalink Reply by Ali S on March 24, 2011 at 6:32am

Thank you so much Jeff. I have only dealt with them twice and they seemed they wanted more than what they could get to relief the borrower completely and no future deficiency. of course this was both on a short sale which they had bought the second (helocs) from Aurora & BOFA.

 

One occasion the had a $34k second and they wanted $12k and first was Fannie Mae and we couldn't get them to work so we got Fannie Mae Managment to get involved and they stareted the negotiation themselves and ended up paying them $7k at last and that was a Fannie Mae that did the negotiation and paid them a $7k on a $34k Heloc to get the short sale approved.

 

I learned alot from that Fannie or Freddie only $3k contribution to the second is just a Myth.