How Do I Know How Much The Motivated Seller Owe?
Hi,
Let's say I found a prospect which has 2 months of back payment. How and where do I go to find out the loan value and intertest rate of the loan? Does the courthouse have this info about the seller?
thanks.
Normally loan value and interest rate is not made public information and you will have to go directly to the lender.
[addsig]
In California, Notice of Trustee sale contains aprox. payoff amount, which gives you loan amount + default amount.
Have you talked with this prospect? If so, just ask them to show you their mortgage docs, including the required doc that spells out their interest rate and payment.
If they don't have it, have them sign an Authorization for Information to allow the lender to release that info to you.
Andy
thanks for all the help.