You can do the negotiating for the owner however you need to get a Authorization of Disclosre (or something to that effect) sign by the owner before the bank will even talk with you about. Even then you have to really know how to work with the person at the bank (or what to say rather).
If you go to www.landtrust.net and scroll down the board untill you see some postings on preforclosures, you will get some good info. The posts that I’m talking aobut shared some good information on dealing with the bank and what to say to them. Hope that helps…
If I find a property near foreclosure, and would like to have the arrears added to the end of the loan, how do I do this? My concern would be that the property owner would decide to keep the property if the mortgage company agrees to a forbearance solution, since they’re no longer in danger of foreclosure.
It seems if I’m going to buy a preforeclosure predicated on the condition that the arrears will be added to the end of the loan, it would be the seller that would have to call his mortgage company and negotiate the forbearance agreement. Or is it that I will do this, with a limited power of attorney signed by the seller? Doesn’t seem that the mortgage company would want to deal with me.
Once the property is under contract, and the owner works-out an agreement with the mortgage company, what’s to keep them from telling me, “Thanks, now go away!”?