What Is Real Time Resolutions?
Real Time Resolutions is a Dallas Texas company formed in 2000. They originally went into business to as a collection agency and servicer of real estate mortgage loans. In 2016 they earned their designation as Certified Professional Receivables Company and started buying & managing debt collection for commercial, auto, student, and consumer loans
Real Time Resolutions, Inc.
1349 Empire Central, Dr.
Dallas, TX 75247
Is RTR A Real Company?
Yes. Real Time Resolutions is a fully licensed company that collects on 1st and 2nd lien mortgages that have purchased from banks like Bank Of American and Wells Fargo.
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Real Time Resolutions Mortgage Foreclosure
If you have received a foreclosure notice or a call from RTR regarding the foreclosure of your 1st or 2nd mortgage, then it is possible that RTR purchased your loan and has legal right to your property.
However it is important to remember that RTR must provide proof of ownership of regarding your 1st or 2nd mortgage. It is not uncommon for a bank failure to provide such documentation.
Can RTR The 2nd Lien Holder Foreclose On My Property?
A second mortgage lien holder has the right to foreclose on your property even if the 1st mortgage holder is current on their payments. However, the 2nd lien holder must receive approval from the 1st lien holder to approve the foreclosure proceedings.
If a 2nd lien holder is unable to receive approval for their foreclosure request in court, they still have the right to recover losses. This is known as a deficiency judgement.
Statute Of Limitations
There is no per se statute of limitations with respect to real time resolutions and/or any second lien mortgage holder. We have seen this come up where borrowers believe that the second lien holder is “past the statute of limitations so they cannot come after me for the debt.” This is a common misconception because borrowers apply the applicable statute of limitations for a contractual default to their unpaid second mortgage lien. While this is something that could apply depending on the circumstances (i.e. a situation where the property has already been foreclosed upon and the second lien mortgage lender is seeking to obtain additional amounts owed beyond the foreclosed amount in the form of a deficiency judgment.)
However, if you still live in your property and the second lien with Real Time Resolutions or another second mortgage servicer remains intact, there is no statute of limitations and all the rights associated with that lien remain whether or not in default, and without regard to any limitation on duration.
Be Proactive With 2nd Lien Holders
This is one of the main reasons why it is important to be proactive in how you approach these second lien mortgages and evaluate and identify servicing errors and other issues early enough to put you in a position to negotiate down or address your second lien rather than being surprised at an unexpected time.
We have seen clients who have not heard from their second lien holder for 10 years and when they start the process to sell or refinance their property they are surprised by Real Time Resolutions suddenly showing up and submitting a payoff request with an inflated mortgage balance with unaccounted late fees, charges, interest and penalties. This can ruin any refinance attempt or makes the sale of the property not feasible.
Real Time Resolutions Short Sale
It is possible to settle your debt through a short sale with RTR. However, you must first get approval from your financial institution(s) and fill out the following documents provided on RTR website.
Real Time Resolutions Settlement
How To Navigate
Best way to navigate and approach second liens being foreclosed upon and/or collected upon by a second lien mortgage holder or servicer like Real Time Resolutions is to first request that they account for and prove that they actually have the rights to either service the second lien or collect payments on behalf of themselves or a third party investor. Its important to identify if they are acting as a servicer only on behalf of a third party investor, or if they actually acquired the debt and are seeking collection on the debt. Once doing so it is important to evaluate whether your property has significant equity to cover the second lien in the event of a foreclosure as this will help you set up the best plan of attack with respect to obtaining either a negotiated lien reduction, short sale, or other loss mitigation alternative with respect to the second mortgage.
What Are My Rights?
There are various rights you may have depending on the manner in which Real Time Resolutions is seeking action on your second mortgage. If they are simply the servicer, then there are specific regulations that they need to follow in how they send you statements, how they apply the principal and interest, and how they report all of this to you periodically or when you make request in the form of a Qualified Written Request.
The first step in identifying your rights is to serve a Qualified Written Request and Request for Verification of the Debt (“QWR”) on Real Time Resolutions. This triggers a host of federal regulations that require that they respond with specific information outlined in the QWR and within a set period of time. This serves the purpose of gathering what we call “free discovery” which is key documents that support their claim to ownership or the right to service your mortgage. This also puts the ball in the court of Real Time Resolutions to make sure they comply with the requirements of the Real Estate Settlement Procedures Act and the Truth in Lending Act. After doing so, the next step is to take a business approach by evaluating the equity in your property and determining how resolution of the second lien can help improve your financial situation and/or allow you to sell the property and/or refinance, depending on your ultimate goal.
Finally, once you have requested the relevant information that supports their ownership and/or servicing of the second mortgage, you can determine the appropriate affirmative action to take either by serving follow up demands outlining any servicing violations, reporting wrongful conduct to the Consumer Financial Protection Bureau, or hiring an attorney to file a lawsuit against Real Time Resolutions. Common reasons to bring a lawsuit against Real Time Resolutions include but are not limited to: Failure to properly account for the application of payments on your second mortgage, failure to provide necessary mortage statements from the date that they acquired the servicing rights or ownership rights of the mortgage, failure to properly respond to a Qualified Written Request, failure to comply with the State’s nonjudicial foreclosure requirements, to name a few.
What Should I watch out For?
There are a host of things to watch out for but it is important to review your monthly mortgage statements (if Real Time Resolutions actually sends them to you.) We have noticed that at times they fail to send required monthly mortgage statements and suddenly show up at the time of a refinance or sale of the property to claim the full amount owed with additional late fees, interest, and penalties.
Watch Out For Initial Correspondence
Keep an eye out for any initial correspondence when Real Time Resolutions either takes over or is assigned the servicing rights on your existing second mortgage. They are required to notify you in writing and a lot of times they do not so within the required time periods and we always ask for this information when we are retained to take action against them.
Sudden Increases In The Total 2nd Loan Amount
Also keep an eye out for sudden increases in the total amount of the mortgage loan on any given mortgage statement, especially on a payoff demand submitted by Real Time Resolutions at the time of a refinance or sale of your property.
Watch Out For “Notice Of Intent To Accelerate Debt and Foreclosure”
Lastly, they tend to mail out different types of documents but the most important ones to pay attention to are the “Notice of Intent to Accelerate Debt and Foreclosure” as well as any “Notice of Default”. These typically trigger that they are ready to proceed with foreclosure proceedings so this would be something to take seriously and consult with an Attorney as it could lead to them commencing foreclosure proceedings against your home.
How A Law Firm Can Protect You Against Real Time Resolutions?
A Law Firm that is familiar with second lien mortgages can really help you navigate and take action against Real Time Resolutions for its common legal violations.
Unfortunately, we have seen issues with Real Time Resolutions not being responsive or taking requests from borrowers seriously until they retain legal counsel, and once you have an experienced law firm on your side you can take a proactive approach in first investigating how they came to acquire the servicing or ownership rights on your mortgage loan, whether they did so in compliance with applicable federal and state requirements, and if not, take the necessary action to assert the pressure needed to get them to respond.
Sometimes a Law Firm can successfully bring such issues to their attention and then utilize that to obtain a settlement of the second lien mortgage. In other instances, a Law Firm can properly set things up for a lawsuit against Real Time Resolutions in situations where they fail to properly account for the total amount of the mortgage or blow off a Qualified Written Request.
The right Law Firm will know from evaluating the your specific circumstances and the underlying documents as to whether a lawsuit or a pre-lawsuit demand and negotiation is the best and most cost-effective option for you.