Note on the door...

[onthebrink]

Got home today and there was a note on the door. It read, "At the request of Specialized Loan Servicing, an independent field inspector called on you today. Please contact Specialized Loan Servicing at 800#. Thank you."

We took out a HELOC with them and stopped paying about 2 months ago and have not returned any of their calls.

I have been told that it is normal procedure for mortgage companies to try to verify if the owner is still occupying the property.

Has anyone had a similar experience?

[feelingnutsy]

Hey---onthebrink---I've had two of them---and this
does seem to be normal procedure to make sure that
the property is still occupied---and the first time I was
home---and the next time I wasn't---but an envelope
was left---and I called to confirm with the mortage company.

[helpmeout]

My mortgage company did that to me after I filed for BK. I figured that they didn't get the notice yet so I called and left a message with my case number. I haven't heard from them since.

[Overmylimit]

Ahhh you gotta love SLS I have a HELOC with them also for 182k I stopped paying them over a year ago, they will keep checking on you to see if you are still in the house from time to time.

[optimistic1]

I've got them too, I just ignore them.

[Mensa1]

Ahhh you gotta love SLS... they will keep checking on you to see if you are still in the house from time to time

Sounds like it is time to electrify the front door mat. This may cut down on their frequent visits.

[onthebrink]

I like the electrified doormat idea and thanks everyone for the input. SLS is last in line in terms of who is getting paid.

Overthelimit, do they continue to call on a daily basis? They call me at least once a day.

[catleg]

Did you see the movie with Denzel earlier this year called "The Book of Eli"?

Would you care for some tea?

[Overmylimit]

They would call everyday, then once a week automated. Then I would only hear back once in awhile from an actual person.

[feelingnutsy]

I've had two contacts so far---one at the end of each Feb/Mar.

[onthebrink]

They sent a NOD and Notice of Intent to Foreclose today. Not sure if it is a baseless threat or real. I have researched this forum and others and am getting mixed responses. Zillow shows our home value as being $40K greater than our first mortgage, so it appears that we have equity - I wish! We looked into selling last July and the realtor appraisal was about $30K less than our 1st. Prices have gone down since but I should probably verify this.

Is HELOCs/2nds sending NODs a new trend?

[Mensa1]

Is HELOCs/2nds sending NODs a new trend?

Probably not, but you mentioned that zillow shows you have equity. I know that many of these reps for 2nds look at zillow as one resource, Chase as another database too. I would say that since zillow is showing equity that is the biggest culprit of why they are showing interest in foreclosing.

On avg I would say that fewer 2nds/HELOC's are foreclosing, really. But it is a case by case basis and if they think equity exists, they are motivated to liquidate that equity. I guess you can't blame them for that, really.

[onthebrink]

Mensa, we had a broker's appraisal done in July of last year and it came in at right about the value of the first mortgage give or take $20K. I reached out to one of the brokers who did the appraisal last night to try to get his opinion if he felt that appraisal was still valid.

Even if there was a little equity, say $20K, by the time commissions and taxes get paid, there would be nothing left for the 2nd.

I have an attorney and a loan mod expert who will both, hopefully, give me some good advice.

[optimistic1]

Did you see the movie with Denzel earlier this year called "The Book of Eli"?

Would you care for some tea?

that movie ruled.

[tigergem]

that movie ruled.

Now I want to see it again.