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Originally Posted by gratisman
Hello,
I would like to know if the servicing rights to my mortgage are sold to foreclosure attorneys. Does anyone know?
The reason I'm asking is, I'm wondering if it works a little like the credit card charge offs. You know they sell the debt to an attorney who attempts to collect on the account.
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MY UNDERSTANDING IS THAT MORTGAGE FORECLOSURES ARE CONDUCTED OVER "SECURED" DEBTS. THE PARTY CONDUCTING THE FORECLOSURE (THE SERVICER OF THE LOAN) HIRES A SPECIFIC TYPE OF BOTTOM-FEEDER ATTORNEY TO CONDUCT THE SALE BUT THEY DON'T OBTAIN THE SERVICING RIGHTS.