Permission From Owner To Deal With 1st And 2nd Mortgage Lenders?
I am trying to acqure a property to remodel and keep for our retirement home. It was in foreclosure last year but was continued several times and apparently the owner was able to get payments current and the foreclosure was canceled.
Now it is in foreclosure again, but they have filed Chapter 7 BK so the foreclosure has been continued until June.
I am now attempting to step into the 1st mortgage bank’s position with an offer to them and then I would proceed with the foreclosure when the BK stay is lifted. If I succeed in that, I plan to make the 2nd mortgage lender an offer to go away. The BK trustee indicates it most likely will go to foreclosure soon because of an enormous amount of liabilities with very little in assets.
From different forums I am under the impression that before I can negotiate with the 1st or 2nd mortgage holder I must get the owners permission, in writing, to talk to their lender or via a conference call with the owner, the lender and myself.
I contacted the LLC that is handling the foreclosure listing and asked if I could get information about making the 1st mortgage lender an offer and they told me all I can do is fax an offer to them and as a courtesy they will forward it to the lender. This indicates to me that I still need to get the owner’s permission to talk to the lender about their loan.
I approached the owner today and he says his lawyer said for him to tell me that he is out of the loop now that they filed BK and I just need to call the mortgage lenders and deal with them. Is this true that after the BK has been filed, I no longer need the owner’s permission? I’ll be on the phone to them Tuesday since Monday is a holiday, but am trying to get some input on this before then.
Thanks for any help, especially for information valid in Colorado.
[ Edited by bergvw on Date 05/30/2004 ]
you can talk about the NOTE the bank owns on the property without the property owners permission to talk about HIS loan. ditto for second . I bought a 2nd for 5cents on the dollar when it was headed for foreclosure . you may do even better. If you buy first and second both at Big discount it will be your property eventually OR you'll make a ton of money lol[ Edited by TNTRASH on Date 05/30/2004 ]