Re: How to find out what people owe on loans - Posted by Natalie-VA
Posted by Natalie-VA on May 01, 2006 at 17:00:57:
As others have said, you can find out the original amount and terms and run an amortization schedule, but this is not reliable. You really don’t have any way of knowing what they paid and what later agreements they might have with their lender.
I recently attended an auction where the 2nd DOT was foreclosing, and it was subject to a 1st DOT in an original amount of around 68k. The people who were bidding assumed that since the loan was only a few years old, they probably owed around 70k including possible late payments. I happened to know that the balance was really over 86k.
Your buddy is full of it and playing with fire.