Has anyone heard of going to the mortgage company to pick up arrears on the foreclosed proptery. They take the check with limited information and thats it?
sappster I am fairly new here but it seems to me if the property has been foreclosed on as you state there is no past due payments as it now belongs to Hud or is a REO and belongs to the bank and would only be for sale. If it is in pre-foreclosure then you would need a letter of reinstatement from bank to the home owner allowing this to happen. However it is my experence with banks that if anyone wants to give them money to go on a certain account the bank will take your money and give you a big Thank you sir. Be sure you have all the forms filled out to protect you if you are trying to stop a pre-foreclosure. This site contains a lot of info on this subject. Hope this helps a little. Jerry
Sorry Guys! My friend called me and was putting a deal together. a pre foreclosure
no bank involved. anyway$2000.00 to owner. So as not to ruin her credit all papers signed off!! Trip to morgage company,$8500.00 ck for arrears Bingo,
Done Deal!
Sap, could you give a little more detail. I'm a newbie. Are you trying to pick up a property by paying back the arrears? Thanks, Tim
sappster I am fairly new here but it seems to me if the property has been foreclosed on as you state there is no past due payments as it now belongs to Hud or is a REO and belongs to the bank and would only be for sale. If it is in pre-foreclosure then you would need a letter of reinstatement from bank to the home owner allowing this to happen. However it is my experence with banks that if anyone wants to give them money to go on a certain account the bank will take your money and give you a big Thank you sir. Be sure you have all the forms filled out to protect you if you are trying to stop a pre-foreclosure. This site contains a lot of info on this subject. Hope this helps a little. Jerry
Sorry Guys! My friend called me and was putting a deal together. a pre foreclosure
no bank involved. anyway$2000.00 to owner. So as not to ruin her credit all papers signed off!! Trip to morgage company,$8500.00 ck for arrears Bingo,
Done Deal!