REO question - Posted by TimK-FLORIDA

Posted by Jim IL on December 09, 1999 at 19:43:02:

Check the court file for the foreclosure.
Goto the county courthouse and located the court clerks office, then pull the file.
It is public information, and you will see the amount they are foreclosing for.
You should also get a form signed by the seller allowing you to obtain info from the lender, and call them.
this form will be called an “Authorization to release information”.
Call the lender and ask what it will cost to “Re-instate” the loan?
This number will include the balance owed, plus all court costs, and attorney fees, and some other fees the lender will tack on.
This is the number the bank “hopes” to get out of the home.
and, that will be there bid at the auction shoudl they go to it.

Hope that helps,
Jim IL

REO question - Posted by TimK-FLORIDA

Posted by TimK-FLORIDA on December 09, 1999 at 11:18:00:

How do I find out how much of a basis the bank has in the property? (i.e. the remaining mortgage balance when the property was foreclosed.)