use caution re: "pre-foreclosure laws " - Posted by leslie
Posted by leslie on May 13, 2000 at 02:35:54:
sure, its easier than you think…don’t use cash.
i use a money order. the lender didn’t care who sends or carries it to a branch office. lots of people have assistants or relatives or property managers handle payment duties. make sure it has the owners name and acct number on it somewhere.
find out the toll free ph no. of the lender’s payment processing center, there wil be a special ph no. or extension for collections and foreclosure departments.
you will need the owners written permission and ss# to access the loan info. you can ask the lender for the fax no. to fax the “permission” for you to access loan data. if you are brave you actually won’t need to fax it to them. you have written permission so just do it. you call the access no. and use the ss# to access it. keep tabs on what is due, next pmt owed and what has been received.
simply put… don’t give money to the owner, pay the bank directly.
DO NOT, DO NOT, in this situation, ask the owner to sign any deeds (ie. to hold in escrow during lease) to you or your employees if this home is in california. (and possibly other states). you must carefully follow the special foreclosure laws or you may be prosecuted for predatory pracitices. big no-no.