Possible Deal?
I have a possible deal that is really frustrating me. I spoke to an owner of a 3/1 sfh that comps at 60k about 2 months ago. The owner is an elderly lady that was left the property by her late husband. She has been having medical problems and just didnt want to deal with the property anymore. She told me her family had been taking care of it due to her illness but it was time to get rid of it. She owed 22k and was almost willing to take 31k until she got sick and had to be put in the hospital. So last week I get a call from her godson who says she is in a nursing home and wants me to come talk to her about the house. So I go and she hands me documents from the county clerk stating the house is now in foreclosure!!! I'm completely lost...but I guess I shouldnt be. I read the papers and her husband took out a morgage on the property in 1998 for 37k at 10.99% interest from The Money Store but the loan was transfered to Blue View Corporation. Blue View wants the loan paid in full but that will cost 50k to do. Back interest, principle, attorney fees, filing fees, and some other crappola. She has 20 dyas to respond to the court house. I asked her why did she think she owed 22k and she tells me that she talked to some guy at The Money Store who told her that that was her pay off last year. She doesnt know his name or number. To make matters worse, she has a tenant in the house that was paying 400 per month. The tenant got wind of the foreclosure and doesnt want to pay her rent now. That's a non-issue for me because either she pays it or she leaves in 30 days. They have a month to month lease with her. The lelderly ady is mentally fine and she has her wits about her but I think she was relying on her family to pay the mortgage and they were just pocketing her rent. The tenant is rightfully upset. I had her sign a authorization to release information so I could speak to the finance company but the only information I have is from their attorney. I really dont want to speak to him because he cant make any decisions about the property. Where, if anywhere, should I go from here??
Armed with your LOA, send a letter to the lender (certified) with copies to the lender's foreclosure attorney, and request that an application for short sale consideration be sent to both you, and the mortgagor. Suggest that the loan was described as having possible predatory characteristics, and you'll also need to see a copy of the loan origination file including the mortgaor's application.
That should get their attention.
If you purchase A Short Sale Primer, it includes an hour or more of E-Coaching.
Armed with your LOA, send a letter to the lender (certified) with copies to the lender's foreclosure attorney, and request that an application for short sale consideration be sent to both you, and the mortgagor. Suggest that the loan was described as having possible predatory characteristics, and you'll also need to see a copy of the loan origination file including the mortgaor's application.
That should get their attention.
If you purchase A Short Sale Primer, it includes an hour or more of E-Coaching.