Quote from Roman on September 27, 2024, 2:57 amHi everybody!
I am faced with a situation - I am offered from Note seller to buy 2NPN.
I can see in the "Credco Instant Merge SoftTouch Report" that the second mortgage is "ACCT TRANSFERRED", but it is not anywhere in the active loans section.
Does it mean the new owner of the note did not register this loan with the credit report bureau?
On the county website I can see the senior loan was transferred to Housing and Urban Development (HUD).
Has anyone experienced a situation when you made foreclosure having the junior non-performing note and the senior note was held by HUD?
Hi everybody!
I am faced with a situation - I am offered from Note seller to buy 2NPN.
I can see in the "Credco Instant Merge SoftTouch Report" that the second mortgage is "ACCT TRANSFERRED", but it is not anywhere in the active loans section.
Does it mean the new owner of the note did not register this loan with the credit report bureau?
On the county website I can see the senior loan was transferred to Housing and Urban Development (HUD).
Has anyone experienced a situation when you made foreclosure having the junior non-performing note and the senior note was held by HUD?
Quote from Bill on September 30, 2024, 3:59 pm@roman
I can see in the "Credco Instant Merge SoftTouch Report" that the second mortgage is "ACCT TRANSFERRED", but it is not anywhere in the active loans section. Does it mean the new owner of the note did not register this loan with the credit report bureau?
Yes, most note investors that I know don't report to the credit bureau's. With all the regulations and compliance laws, we choose to stay away from doing anything related with the credit bureau's & reporting to the borrower's credit reports. Even if it's reporting good things to help their credit score. We don't want to be sued for anything.
On the county website I can see the senior loan was transferred to Housing and Urban Development (HUD).
Has anyone experienced a situation when you made foreclosure having the junior non-performing note and the senior note was held by HUD?I personally haven't dealt with the Housing and Urban Development agency. I would think it's no different than any another 1st mortgage lender, when foreclosing from the 2nd mortgage position.
I can see in the "Credco Instant Merge SoftTouch Report" that the second mortgage is "ACCT TRANSFERRED", but it is not anywhere in the active loans section. Does it mean the new owner of the note did not register this loan with the credit report bureau?
Yes, most note investors that I know don't report to the credit bureau's. With all the regulations and compliance laws, we choose to stay away from doing anything related with the credit bureau's & reporting to the borrower's credit reports. Even if it's reporting good things to help their credit score. We don't want to be sued for anything.
On the county website I can see the senior loan was transferred to Housing and Urban Development (HUD).
Has anyone experienced a situation when you made foreclosure having the junior non-performing note and the senior note was held by HUD?
I personally haven't dealt with the Housing and Urban Development agency. I would think it's no different than any another 1st mortgage lender, when foreclosing from the 2nd mortgage position.