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Updated over 8 years ago,
Input? Heloc Lender Foreclosed, New Owner Wants our 1st Mtg Info
Hello all, our Second Mtg. (Heloc) lender sold our home at Trustee's Sale in April. Winner had no idea he was bidding on the Heloc lien, and now has title to the home, SUBJECT TO the First Mtg.
We bought a nice home prior to the sale, so are out and okay.
Found an email online for this Scottsdale Real Estate Inv. and Mgmt firm, who bought the house. Emailed them Notice of Green Pool from the county, told them about the 1st Mtg.
Yup, they had no idea. Lender on the 1st can hold another Trustee's Sale, foreclose again, and these guys are out the money they paid on the Heloc to get the home.
Pointed that out in my email.
Six weeks later now, they want to know...what we want from them, for us to hand over our 1st Mtg info so they can "come to terms with the bank".
We will not be giving them this info, as they have said that if they cannot pay off the loan, they would like to make monthly payments and keep it current. No go, we have the Heloc foreclosure, and if the 1st mortgage lender is going to foreclose, better for us if both happen as close together as possible.
If these guys have the funds to actually pay off the 1st mtg., how do we go about facilitating this? Asked a title company we use if they could do an escrow transaction, order the payoff, give these guys the amount to bring in, (plus about $5K for our info) and have title co. make the payoff. First American says then cannot do this type of transaction.
Thoughts ?