Need Help With Pre-foreclosures
Does anyone know where I can get an "Authorization" form that allows me to talk directly to the lender who is foreclosing on a home. Here's the deal is a short take:
(My first by the way so need a lot of help)
Foreclosure date : 09/23/04
Amount owed is approx. $20,000
Sells price was 27,000 w/ $1000 dwn pymt @ 11% for 15 years. Seller says is 6 months behind. Says bought home is 1997. So had pad 6 & 1/2 years on mortgage. Says she just wants to get property out of her name, not looking to profit anything. Not sure about prop. value. Probably abt $20,000 or more, but she says flooring needs some repair and roof has a leak. Was thinking about getting a HML for %80 LTV , negotiating a price of the home of $8500-$9500 with the mortgage company. Can anyone please offer a little advice and tell me if I on the right track here? :-?
Please accept this as your written permission and authorization
to discuss my/our loan account reference above, AND furnish
any and all requested information, forms, documents, and
reports to ____________(name, address, tel #, FAX #, E-mail).
At your earliest convenience, please send to _____________
1) a loan workout request application, 2) a loan payoff
statement, and 3) and any preliminary title work that my file
may contain.
Thanking you in advance for your anticipated cooperation, I
remain,
Sincerely,
_____________________ ______________________
Homeowner #1 Homeowner # 2
Lets assume you get the deal and find out what you need from the lender...
Two cautions.
1. This seems to be very low end as far as price. Watch out about assumptions on getting a loan. Many lenders do not want to lend less then $50,000 (loan amount). Not all lenders but clearly means that the field will be narrow then if the price was over $75K
2. You talk about getting a HML at 80% LTV. Unless you already know someone who does such loans expect that you will only get up to 65% or so LTV on the real value. Again, if the deal is small the fixed costs are a high percentage so the LTV might be adjusted to take this into account.
I have been investing in low end deals that are commonly below $50K so this is from personal experience.
John
[addsig]
Thanks for the help.
You don't have any time left to put the deal together unless you walk in to the loss mitigatin dept with all cash. They normaly won't take your money once they are 2 days before auction so hurry. I have a form I can e-mail you if you want to pm me with your address
Good Luck,
Robert