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.