What's With The Banks, Don't They Want To Get Paid?
So I am working with three banks, have 3 mortages on a house worth 140k or so one for 56k one for 59k and one for 26k. I have tried getting quotes from each of these banks and have just gotten the run around from all(call this department, call the lawyers ect..) Here is the situation with each:
US bank - cannot use the foreclosure line gave me a dead number for finance to contact, have since faxed the person who has the loan under assignment - hopefully they can help. Since they have the 26k home equity loan/morgage do I even need to work with them or does this drop off?
Bank One
After they checked the account they told me to contact the lawyers - do we do this or??? Do we send a authorzation form to them?
Chase Manhattin - They are the ones foreclosing
Sent me to voicemail land and said I have to leave a message - did but not call back.
Can someone help with a similar situation, how does this work do I only have to contact the senior leinholder or do I have to work these all? I am pretty confused.
Should I bother contacting the trustee and see what they can do? I am just wondering what my options are, seeing as that this person has loans about equal to the house value is this even a persuable deal??
What am I doing wrong I am telling them I just want a Reenstatement and Payoff amount but get noting but the runaround - any advice? Thanks
I'm not really sure what you are trying to accomplish, other then to make contact and ascertain the payoffs... which should be a fairly simple task.
Do you have the mortgagor's Letter of Authorization (their permission to the mortgagee to speak with you/disclose loan accont info)?
Your request for a payoff thru the anticipated closing date should be FAXed and sent via regular mails to the applicable parties... either the foreclosure department(s), or their legal representatives.
Then, once they have the LOA in hand, they should be able to give you a verbal guestimate as to payoff... and a written payoff could take a week or more.
So who's in first position here? Chase? They are notorously difficult to deal with, big organization much bureacracy, which is the general problem you are dealing with. Best case would be to buy the first note for cash, foreclose everybody else. Given that the first has considerable equity behind it its unlikely they will discount.
Oh, if chase is foreclosing just call the lawyers handling the suit. They are authorized to issue payoff letter, or at least know who can do so. Even better if they will get Chase to sell you the note and let you step into Chase's shoes.
Thanks for the replies TheShortSalePro & commercialking
I have basically been dealing with morons with voicemail at Chase, the current senior forclosing on Apr. 30th, and Bank one is telling me they forclosed back in Nov and I should talk with the lawyers, will do tommorow - confused.
To answer questions I have faxed every bank my loan authorization and 2 to US bank the holder of 26k home equity loan -may actually make contact on this one after 5 different department transfers.
As far as issuance of a payoff letter I must obtain this from both sets of lawers handling the case from Chase and Bank one? If I cash out Chases position how do forclose on the other two, or do i still try a short sale?
I guess basically I am trying to get the banks to give me quotes on payoffs for each loan but I may be flawed in my approach or though in how the process works. I simply though it was paying a percentage of the price for the total amount for each note but when one said it has forclosed and one is forclosing it's getting tricky. The elderly guy I am working with dosen't know too much about whats going on other then he's fell on hard times and is broke - basically plopped the paperwork on the kitchen table for me to review. Any more advice or guidance is appreciated - will definately pay it forward on the board. Thanks!! [ Edited by Investor007 on Date 04/01/2004 ]