Need help..can you mail a Nuke C.O.D. - Posted by J

Posted by J on February 18, 2000 at 22:43:40:


Need help…can you mail a Nuke C.O.D. - Posted by J

Posted by J on February 18, 2000 at 13:21:26:

Need help figuring this one out. I took over a home this morning in a trust. The 1st is being foreclosed on and the 2nd is behind…I call this household finance co (2nd) and the manager told me “We never sell our mortgages”,even after I explained how something now would be better than nothing at the sale !
Then to top that off he refused to give me the address for corp. headquarters.I then called 2 other offices(in different cities) just to get a corp. office # and they both said “we dont give out that info” (it,s like talking to trained robots"
Well the 4th one did give it up. I called the operator and asked for the chief financial officer, she tells me “There are 1300 people working here,If I don’t know who I need to talk to specifically she can’t put me thu” (Quality customer service)
I wan’t to discount this second before I reinstate the first, but the clock is running on the foreclosure.
Now what? Do I write to the main Headquarters addressed to chief financial officer or just send a nuke!! I feel I may never find the man with the power to say “ok this makes sense”.
Any words of wisdom or sanity would be greatly appreciated.

Re: Need help…can you mail a Nuke C.O.D. - Posted by David P. Butler America’s Note Network

Posted by David P. Butler America’s Note Network on February 18, 2000 at 20:42:15:

Hello J,

I have been seeing a lot of these kinds of posts lately and I am really confused about the problems so many folks are having chasing down the information. I have done at least 5 to 10 of these chases a year for 20 years and I have just never had that kind of a problem, so don’t know if this will help.

If I don’t know the number I need to call, I call the local branch and ask for the delinquent account departments. Now, many times I may have to make several calls to find that person. Depending on company’s internal operating procedures and what stage the foreclosure is in,I may wind up being referred to a loss mitigation department, a foreclosure department,an REO department, you name it.

Admittedly, I have had occaision where I have had to call the trustee up to get a contact number on the lender, a benefit if you are in a trust deed state.

By the way… there are many considerations involved as to whether or not a 2nd mortgage holder might be interested in selling their position out at discount. Some of these are political, some involve investor relations, etc… it just depends on the situation. And it is not uncommon for many lenders to bid their loan on the property at a foreclosure, even if it means taking some loss after resale.

It really is an internal thing depending on the lender, and a lot depends on developing people skills and establishing relationships along the way.

Hope this helps

David P. Butler Vice President, Broker Relations

Re: Need help…can you mail a Nuke C.O.D. - Posted by Chris

Posted by Chris on February 18, 2000 at 20:14:35:


In the future,if you can’t get contact info go to the state department of corporations website where this is publicly available information(in your state the department may be under a different name-sometimes department of state).

Possibly your contact would be the person in charge of non-performing assets or real estate owned. May not hit the bullseye on the first shot, but it may ring a bell with these gatekeepers.

The foreclosure oriented investors will also sometimes have the owner allow them to place a mortgage on the property. This may open doors for you as a junior lien holder attempting to collect your debt. The senior lien holders now view you as one of the family and may become cooperative.

Enlighten me please-what is a nuke C.O.D.?

-Best of Luck, Chris