Realtor · Houston, TX · Member since 2020 · 23 posts · 4 votes
Hello BP family, I am trying to get my feet wet on understanding the process channel to acquire a property pre-foreclosure. I understand the first step is to get the information to reinstate the delinquent loan on the subject property. What is the best way to go about getting the information on amount required to reinstate the loan. My personal experience is the trustees or the mortgage company will not directly share this information with investor. Unfortunately, the property owners at times are just so stressed out and sometimes just careless to not get that information either. What is the best approach as an investor I should adapt to get this preliminary information?
Any thoughts/suggestion/advices are greatly appreciated.
Hello BP family, I am trying to get my feet wet on understanding the process channel to acquire a property pre-foreclosure. I understand the first step is to get the information to reinstate the delinquent loan on the subject property. What is the best way to go about getting the information on amount required to reinstate the loan. My personal experience is the trustees or the mortgage company will not directly share this information with investor. Unfortunately, the property owners at times are just so stressed out and sometimes just careless to not get that information either. What is the best approach as an investor I should adapt to get this preliminary information?
Any thoughts/suggestion/advices are greatly appreciated.
Only someone on the loan has the right to get that information. It is against the law for a lender to disclose that information to an unauthorized party.
Investor · Van Isle · Member since 2021 · 455 posts · 226 votes
4y
The lender should state what it is they require to disclose that info. At some point, the action will be recorded in the court filings, and in my area, those dockets are publicly available.
@Mike Hern thanks Mike for the information. Can I get an authorization from the property owner which will let me talk to the mortgage company.
Right. You can have a 3 way call with the lender and the borrower can authorize you to talk to the lender on your behalf. Some lenders will mark the file to make that a permanent addition and others will require the authorization each phone call. It just depends on the circumstances. You won't know until the lender tells you.