What Would You DO?
I have an authorization to release form and called a lender to negotiate a forebearance agreement.
they said they wouldnt be able to put the arrears for the past 4 months on the back end and i should have the owner call them.
This was the lady who answered the 800#, a cust service rep i guess.
I should have asked to speak to someone about working out a forebearance agreement maybe.
they asked why she couldnt pay and what her finances are like currently.
I told the cust service rep that i have someone wanting to rent it out form the owner but i want to get the backpayments straightened out 1st.
I said raising the payments wouldnt work because she can rent it for a little less than the monthly payments.
I was then told thatits not possible to put the payments on the end of the loan & that i should have seller call to give financial info.
Since she was not in loss mit i dont know how seriously i should take her claims.
What did i do right/.wrong and what should i say when i call back?
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jJust because you want to move the payments to the end of the loan, doesn't mean that the lender has to do this for you. If the lender wants the payments that are in arrears brought current, see if they will allow the payments to be brought current over the next 2 to 3 months.
It is common for them to want to know how you or whomever will be doing this. What is different about the situation than when the seller got behind in the first place? If the seller has already worked out a forbearance deal within the last few months, the lender is not required to work out anything short of bringing the loan current, and will generally not work with you at all if the seller has defaulted on a previously negotiated forbearance agreement. Find out what they need. You are not in a strong position to "demand" anything.
so would it be wrong on my part to tell the loss mit rep that i am going to lease the home and sublet it to a tenant if they ask how the payments will be made from now on & how has the owners financial situation changed?
or should i go about it another way?
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No, It's not wrong, it's a negotiation! If the lender will not budge, you might need to bring the payments current now. If that's what it takes and you're not able to then maybe you shouldn't be in this deal at all.