Foreclosure Question? Are servicing rights sold to foreclosure attorneys?

gratisman · #1 10-10-2005, 03:47 PM

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.

#2 10-10-2005, 04:38 PM

Quote:

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.

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.