Posted by wanttopartner on May 22, 2006 at 12:20:14:
Well, this has been an interesting last couple of weeks since we started talking with that friend of ours who is also a mortgage broker and started f***** around with preforeclosures just to see ‘how far we could get’ that earlier post of mine with the multifamily property where he wants to ‘walk away’ and it’s valued at $750K, it’s ‘real’ and ripe for the right investor with that kind of financial ability to takeover his existing loan. There is a property more towards Fresno, CA that we traced and sent a letter to showing a copy of the posting of their notice of default in the amount of $19,000, supposedly there is a second mortgage on the property, but who knows what other liens, taxes etc. are on the property? When I called the bank in second position, they refused to read off the info, hence, the letter to the owners. It is in an area where the zillow.com estimate of value is in the neighborhood of the mid $600,000. I sent a letter to them which they emotionally(seriously, the woman sounded like a ‘basket case’ when she called us at 11:16 at night) called us back on and they are interested in talking to us about taking us up on our offer because they are at their wit’s end having both lost their high paying jobs(and as anybody knows, an honest job that pays at or better than the cost of living is difficult to find these days unless you have a 4 or an 8 year degree and a specialty of some sort that affords versatility, you will be ‘stuck’ taking a below cost of living job while you look for the real thing for at least 1 to 3 years in today’s job market), here is how I worded the letter:Dear Mr. and Mrs. ***** We saw your home listed at *****.com as follows below this letter and would like to know the balance and monthly payments remaining on the home.
If the amounts are no more than $50,000 I would be able to secure a new loan to purchase. If this sounds like something you might consider before your home goes to foreclosure, please contact me or *****
------------BELOW IS THE SUBJECT PROPERTY WITH IDENTIFYING INFO ANONYMIZED WE FOUND THE OWNERS NAMES THROUGH PUBLIC RECORDS------------------
$2610 - â?º Pre-FORECLOSURE Property: 000 ***** Ave (4BD/3BA)â?? (****,***county)
Reply to: see below
No contact info listed below? Let them know.
Date: 2006-05-16, 3:48PM PDT
000 , NAME OF CITY
Single-Family Residence /Townhouse
4BD/3BA, 1,513 square feet, 0.11 acre lot size (4,791 SF)
Approximate Default (“Delinquent”) Amount: $2,610
Loan Amount: $19,100
Zillow.com estimate of value: $657,882
Trustee: (NAME OF LENDER)Financial Corp
Trustee Phone Number: Please refer to free online report
Trustee Sale Number (TS#):
Lender: **** Financial
Lender Phone Number: Please refer to free online report
Loan Doc#: 000*
INSTRUCTIONS for Interested Parties:
Call the trustee and lender, referencing the trustee sale and loan numbers.
To learn how to obtain the phone numbers, please access the free online report.
Additional information about the property may be found at the office of
the Santa Clara County Recorder.
Free Online Report: Bank Foreclosure (REO) Direct Purchase Program