Posted by phil fernandez on May 20, 1999 at 09:19:30:
I share your frustration at times when dealing with pre foreclosures. When I call the banks attorney that has filed the foreclosure suit, they won’t give me the time of day. Must be their fiduciary relationship with their client, the bank.
Try calling the bank employee that is in the REO department and is responsible for non performing loans. That’s the person you want to discuss your plans with. Even then, they often try to stonewall you.
Persistance is the key. Keep on hammering on the bank REO guy.
Pre Forclosures - Posted by BRnBA
Posted by BRnBA on May 20, 1999 at 09:07:20:
I have found that getting info. or even a return call from mortgage companies or attorneys to be very frustrating. Should I be working through the attorney or directly with the mortgage company? I am wanting to bring the loan current and take title “subject to”, paying the existing loan off when I sell. The mortgage co. has no problem with the “subject to”. Should my approach be different if I were paying the loan off as opposed to “subject to” ? Any tips for expediting this process would be appreciated.
Re: Pre Forclosures - Posted by Kevin(OK)
Posted by Kevin(OK) on May 20, 1999 at 09:47:08:
If you are trying to buy this house “subject to”, then your contact with the lawyers should be minimal. Do you have a signed mortgage info. release form? This should enable you to get all of the info. you need from the lawyers, ie. balance, amount needed to bring mort. current, payments, etc… For the rest of this deal you will have to deal with the seller. Quickly, get the seller to do a L/O, deed or land trust. From then on, the only contact you should have with the mort. co. or thier lawyers is when you send them a check.
Hope this helps!
Kevin(OK)
Re: Pre Forclosures - Posted by JPiper
Posted by JPiper on May 20, 1999 at 09:45:48:
I generally call the mortgage company if my goal is to reinstate or payoff the loan. To do this I get a letter signed by the borrower authorizing the bank to discuss the loan with me. Then contact the bank, find out who’s handling that particular file, and fax the letter to them. Without such authorization I would doubt that most, if any, banks will discuss the loan with you. If I’m going to take the loan over subject to I don’t ask the bank’s permission. I just take it over (bring the loan current and start making payments). Obviously if your intent is to payoff the loan, you MIGHT want to attempt to negotiate a discount on the loan, in which case your approach would be completely different.
As far as the attorney goes, some are helpful, but most aren’t. My guess is that many attorneys are concerned with their possible liabilities concerning the disclosure of information, and therefore don’t have a lot to say. The last foreclosure I personally did I authorized my attorney to discuss the situation in detail with anyone who called?.which I believe he did?.but I would regard this as the exception rather than the rule. The attorney is not a principle and is operating under the lenders direction?.so in most cases the appropriate contact is the lender.
JPiper