Foreclosure Owners - Getting Silly With Numbers
Hey Group,
At times People in foreclosure can get kind of silly with numbers. They suddenly forget how much they owe the mortgage company in total, and if they do remember, they're off my thousands of dollars.
I recently went to my county clerks office, however, they don't have an exact amount owed to mortgage company on file. How can I find this out? Would the mortgage company that's about to go into the foreclosure process tell me how much the person owes on the total mortgage and on the lien?
Thanks,
Angel
If you're working with the owner already, get permission from them to talk to the bank. Then the bank should tell you what you need to know.
Rottzilla,
Would I just tell the bank that the owner gave me permission? Although I'am working with the owner, she doesn't really want me to know how much she owes. I feel that she's not as desperate to get out of the situation, and wants to cash in on extra profits.
Thanks for the help!
-Angel
What you need is an Authorization for Release. This is a document that in effect gives you the right to negotiate with the bank on behalf of the foreclosee.(Is that really a word?)
When the bank/mortgage company/Uncle Billy's Hog Swap and Loan Co. has the forementioned document they will talk to you about the loan but not before.
You probably should the forclosee have it notarized ($2-5). Then start calling the bank/loan/mort. co. . You will need their (forclosee's) Social Security Number as well -for phone type transactional information. Their Loan Number and SSN should be all you need to get started. If you do not have the loan number, after faxing the letter to the bank/etc. They will let you know.
Also, remember don't waste your time on other people's problems unless you have a profit that is worth your while. Just because they have a problem, do not make it yours. DO NOT become emotionally involved with their issues.
Good Luck!
Clint
Here is the deal! Your an investor and not in this for nothing. To structure a deal you need to make contact with the bank directly. To do this you need a release from the owner, no exceptions. If the owner doesn't want to be forthcoming you can't help her and move on to the next deal.
That said I would explain it politely to her but firmly. Let her know that these are your rules, and this is what you expect. Time is of the essence and that if she can't work with you on this basis she might be better suited looking elsewhere.
Randall <IMG SRC="images/forum/smilies/icon_cool.gif"> [ Edited by Stockpro99 on Date 07/15/2003 ]
Yes, the old 'take away' close is one of the most powerful there is.
Well, I'm sorry I can't help you Mrs X, I only wish I knew someone else who could. Good luck to you.
.... and walk away (or hang up)
You must have control to make it work.
Amen to that - you can help this person, but only if they're honest and upfront with you. As an investor, you cannot assist someone if they're playing secret agent man on you. This is a lot of the reason why I mail out form letters rather than cold-calling. The people who feel like they need my help are the ones who call, and they're typically ready to do whatever it takes to save their credit.