Posted by dewCO on October 24, 2000 at 13:11:32:
They don’t move faster because they don’t have to. And they don’t care whether it gets reinstated or not. THey make more money if it doens’t get reinstated, you know!
accelerated loan - Posted by nell
Posted by nell on October 23, 2000 at 01:58:43:
please help, im trying to do my first deal…i have a lady that has been sent foreclosure letter giving her 21 days notice before the bank takes back her house…{this is in texas}. we have signed a contract “subject to”, however how do i stop the foreclosure when the bank said in letter to her that they have accelerated her loan. i wanted to make up her 4 missed payments, and start making the monthly payments, but how do i talk to the bank without giving away the fact that i wll be making payments and not their client and also, if i am able to do this, i wanted to l/o this to a tenant buyer. since i wont be recording the deed in the subject to, how do i sell it after the option period without the title? thank you for responding…nell
Re: accelerated loan - Posted by David Alexander
Posted by David Alexander on October 23, 2000 at 09:43:34:
If the letter was was just now sent it may not make the 1st Tuesday deadline. Regardless you’ll have to get the letter of authorization for the loan as Marty said, and then call the bank to get reinstatement figures. Most likely they will refer you to an attorney that will then give you those figures (most of the attorneys I’ve dealt with are slow and arrogant about doing this, so get on this quick). You reinstate and then you own a house. Get your deed and closing done before you reinstate as well as have the people move out first.
David Alexander
Re: accelerated loan - Posted by Marty Weisberg
Posted by Marty Weisberg on October 23, 2000 at 08:50:50:
Nell,
Let’s take this from the top. First of all you should have the Seller fill out an Authorization to Release Information. You should fax this to the lender. It will give them permission to talk to you about the loan. Then make sure that you get a letter from the bank saying that they will allow her to bring the loan current and keep the existing loan in effect. If you don’t get the letter they could go ahead and apply the money you send them toward what is owed and still carry on with the foreclosure.
If they agree to reinstate the loan then you can send the money. I would set up a land trust to take title to the property and DEFINITELY RECORD the deed.
This is just the beginning of what you need to do. If you need more help e-mail me.
Marty
Re: accelerated loan - Posted by Vic
Posted by Vic on October 23, 2000 at 19:55:09:
David,
What’s been your experience with the length of time it takes for the attorney to get the reinstatement figures?
I’ve been trying to get a reinstatment figure for over a week now with no luck.
Thanks,
Vic
Re: accelerated loan - Posted by B.L.Renfrow
Posted by B.L.Renfrow on October 23, 2000 at 21:31:03:
Vic,
Don’t know about down south where you guys are, but I’ve never gotten a response in less than a week. Between one and three weeks is typical.
Brian (NY)
Wow! You would think that they… - Posted by Vic
Posted by Vic on October 24, 2000 at 24:46:20:
…could move a lil faster, huh?
Hey Brian good hearing from you. I have a feeling that this is probably the same no matter where you are. I hope it won’t take me 3 wks. though. I’d like to close the thing by end of month.
It makes no sense why they’d take so long just to get a reinstatement figure to you. You’d think that they’d want to act quickly while the person (or me -lol) has the money. Sometimes, or I guess many times, banks use no common sense at all.
Thanks for responding,
Vic