Hello all, I posted the outcome of our saga in other threads, but basically, the bank foreclosed on our Heloc loan in April. It was much larger than our First Mtg. We had stopped paying in 2014, offered a 7% settlement last November, 2015 and they wanted all our financials to see if they could "help" in any way. We did not provide any.
So, house was sold at Trustees's Sale, and we were already in the process of moving out. I actually found an email address online for the Real Estate Investment Co. that had the winning (and only) bid on the Heloc lien. The other 2 investors at our home that morning were shocked when I told them the lien they were bidding on was a Heloc, and they would need to take care of the First Mtg if they won the auction.
So, sent an email informing new owner that they won the house subject to the First Mtg., and pool was green. Also, we were now behind 2 months on the First Mtg. and lender could do another Trustee's Sale on the lst Mtg and he would lose the $143K he paid at auction on the Heloc.
Heard back a week later, he asked for our keys and our First Mtg. info.
Emailed him back, asking their intentions on the home, and saying we may be able to negotiate C4K if they wanted keys and our Mortgage Info. They promptly changed the locks, vacuumed the carpet and rented it out.
Six weeks later, this morning, we get an email saying yes, they had no idea there was a lst Mtg. on the home when they bid at auction, and what would we want from them for us to fork over our mortgage info so they can do something.
Requesting a Payoff Statement from a lender is no easy task, even for a title company. They need borrowers names, Bank Info, Loan Number, SS numbers, and often a signed authorization from the borrower to provide the payoff info to the title company.
Kinda knew they were screwed and the clock is ticking as no payments are being made and the home is now clearly in the money.
So, what do we ask these guys for, and how do we do this?
Thoughts are....ask a Title Company to handle the Payoff Request with instructions that the other party is not to have any access to the loan information, but only be told what the Payoff Amount is and to bring it into the Title company to make the payoff.
We would add what amount as C4K, (or "cash for your mortgage info, so we don't lose this house" haha).
C4K on a $370K home .....they'll have about $70K equity after paying off our lst Mtg., so maybe $5k?
We're kind of in a no lose situation here....they need this info or they are pretty screwed.
So, house was sold at Trustees's Sale, and we were already in the process of moving out. I actually found an email address online for the Real Estate Investment Co. that had the winning (and only) bid on the Heloc lien. The other 2 investors at our home that morning were shocked when I told them the lien they were bidding on was a Heloc, and they would need to take care of the First Mtg if they won the auction.
So, sent an email informing new owner that they won the house subject to the First Mtg., and pool was green. Also, we were now behind 2 months on the First Mtg. and lender could do another Trustee's Sale on the lst Mtg and he would lose the $143K he paid at auction on the Heloc.
Heard back a week later, he asked for our keys and our First Mtg. info.
Emailed him back, asking their intentions on the home, and saying we may be able to negotiate C4K if they wanted keys and our Mortgage Info. They promptly changed the locks, vacuumed the carpet and rented it out.
Six weeks later, this morning, we get an email saying yes, they had no idea there was a lst Mtg. on the home when they bid at auction, and what would we want from them for us to fork over our mortgage info so they can do something.
Requesting a Payoff Statement from a lender is no easy task, even for a title company. They need borrowers names, Bank Info, Loan Number, SS numbers, and often a signed authorization from the borrower to provide the payoff info to the title company.
Kinda knew they were screwed and the clock is ticking as no payments are being made and the home is now clearly in the money.
So, what do we ask these guys for, and how do we do this?
Thoughts are....ask a Title Company to handle the Payoff Request with instructions that the other party is not to have any access to the loan information, but only be told what the Payoff Amount is and to bring it into the Title company to make the payoff.
We would add what amount as C4K, (or "cash for your mortgage info, so we don't lose this house" haha).
C4K on a $370K home .....they'll have about $70K equity after paying off our lst Mtg., so maybe $5k?
We're kind of in a no lose situation here....they need this info or they are pretty screwed.