Question on When a NOD is sent from an ABC Loan

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JoefromPhilly

455 Posts

Posted - 07/14/2008 : 07:14:13 AM

I have a friend who has an 80/20 mortgage from American Brokers Conduit. Unfortunately, he has not been able to make June's payments and not July's payments. He hopes to be able to make August's payments.

Other than him having a running 60 days late, plus late fees, at what point would the current loan servicer file a NOD? Do they simply wait until the loan goes 90 days behind, or eventually want the two back payments and file a NOD? I don't see him coming up with the $4,600 (2 month's of combined mortgage payments, plus about $400 in fees) any time soon.

- Joe

CoralSnake

10298 Posts

Posted - 07/14/2008 : 08:00:53 AM

If he calls the servicer, he may be able to arrange a forbearance agreement where he can pay back the $4600 over 24 months (ie. an extra $192/mo)

808

1873 Posts

Posted - 07/14/2008 : 08:06:24 AM

if I'm not mistaken most all of American Brokers Conduit loans are serviced by American Home Mortgage which was bought by Wilbur Ross. So they are still in the profit/loss business and will file a NOD on you the same way IMB will if you default

JoefromPhilly

455 Posts

Posted - 07/14/2008 : 08:35:43 AM

Thanks. You are right on the American Home Mortgage. I saw one of the statements. I'm not sure on the process that either they or IMB use for filing a NOD.

If anyone knows what the process is, please let me know.

Thanks,
- Joe

JoefromPhilly

455 Posts

Posted - 07/14/2008 : 08:41:21 AM

Thanks CoralSnake. I will let him know that. Assuming, of course, that he manages to make the August payment. He is in the bankcard business, and it has been very difficult, as there is a lot of churn and merchants all have equipment that they either already own or lease.

I assume that if he does not make the August payment, the NOD will hit at the end of August, correct? Then, will they want the full payment, or accept partial payments?

- Joe

ChangingTymes

124 Posts

Posted - 07/14/2008 : 09:47:05 AM

Most likely, AHM Servicing will return the August payment to him, they will not accept it unless he has called and made arrangements such as the forebearance mentioned earlier. He really needs to speak with them ASAP.

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