All Forum Posts by: Curtis H.

@Darrell Shepherd 

I will do a title search Monday, but I know there is a second Unemployment lien for $8K that I have to pay which I already factored into my numbers. The real estate agent already sent me the title report from Chicago Title Company showing the two unemployment liens for a total of $8K as mentioned above. 

I do have a payoff figure, and reinstatement amount in writing as well.

I will get the contract and POA today, and have the Seller Acknowledgment letter document as well that he has to sign saying he knows exactly what's going on and is not being forced, etc. Now regarding the deed, which has to be notarized, is there a document someone can point me to to make sure that is done right?

@Greg H. 

Greg, I have a couple rentals in Round Rock, and if you know of some good oportunities that need a little cosmetic work and can be good rentals in Austin, RR, Cedar, etc. Send me a message :-)

You guys are awesome. This is a great deal of help..

@Darrell Shepherd

When you call the foreclosure attorney, who do you say you are if you aren't some guy trying to take over the loan? Every time I called a bank/attorney in my experience they ask point blank. I just want to know what to say in the event I don't want them putting my real intentions in the records. 

And when you walk in with the reinstatement check (before everyone knew you), were you transparent about who you were? Or did they just never ask?

I think on this one I am with Hattie, too close to the deadline to be playing games with the bank and foreclosure atty. I need to let them know my intentions and if they want this loan in good standing for a long time, they will allow me to assume it. I was REALLY hoping to negotiate the reinstatement amount but in this case does that usually happen? If the amount is $40K to reinstate, and I say I have $30K ready to wire to them if they will accept it, does that happen often?

@Jay Hinrichs

Thanks and I feel comfortable knowing that I have until end of tomorrow to work this out. However, let's say I talk to the bank, and hound them and hound them, but they give me the run around, like banks often do. Does the homeowner have any legal recourse since the bank did not respond? 

@Hattie Dizmond

When you say "personal financial statement" what does that imply?

I have the following ready to go...

* Credit report showing my score above 740

* Current Savings account statement showing I have plenty in reserves

* Preapproval letter that is still valid for more than this home is worth

Would that be enough? And even with all this, I STILL would rather not have the loan in my name. That's what makes this deal work. Having a home and not having a new loan on my credit that allows me to continue to tie up other properties. If they say they are going to call the loan due, I think I would walk.

@Wayne Brooks

Thanks for the quick reply. I have seen foreclosure attorneys in CA echo the same thing in regards to reinstatement 5 business days before the sale date. 

What about talking to the bank? Who do I say I am and how the seller is paying? Can't say friend (arms length) can't say foreclosure specialist (legal trouble). I agree all this is HIGHLY unlikely to happen in a day. But if we can get them to simply agree in writing to postpone the sale date and allow us "X" amount of days to reinstate the loan, that's all the time we need. 

@Wayne Brooks  @Account Closed @Hattie Dizmond 

Two more questions....

1) When I call the bank monday after getting authorization, who do I tell the bank I am and how the seller will be able to pay the reinstatement, and future payments? My thought is, if they know someone with credit worthiness is assuming the loan, they may be more likely to stop the sale, and would at least let me know they would call the loan due if they weren't on board with that. I almost would just rather know what they are thinking than hoping they won't call it. 

2) Let's say I call Monday morning and the bank says "We aren't stopping the sale". That means I have till the end of business that day to get them the reinstatement amount. Seeing as I would have to close with a title company (maybe I don't) wouldn't it be impossible to make that happen? And do I need to have him sign the contract with a notary? Or is that not necessary?

And thank you @Hattie Dizmond !

That is crucial information. With the holiday weekend before the sale, I lose a business day! I now have to reinstate the loan by MONDAY in order to avoid the sale. 

So now my plan is to have the seller sign ATRI on Sunday, and have him call the bank bright and early Monday and tell them that he is sending a cashier's check for the reinstatement amount that week, and to please agree to postpone the sale date and put it in writing. I hear they will postpone it if they know payment is coming sometimes. If they won't deal, we either pay it anyway, or just let it go.

Wait, if the sale is September 2nd, and there is a holiday on the Monday before the sale, that THIS Monday (in 2 days) is the last day to reinstate the loan? Oh shoot....

@Hattie Dizmond

Boy I hope this is true! That would be great. I'm not overly concerned with them calling the note due, as I do qualify for a loan for what the balance would be. This is just allowing me to get into the home without all the red tape, and there was no time to close on a traditional loan. This thing is gone on August 2nd. 

The loan company is in Oklahoma actually and it seems like a smaller establishment. 

My fear is of course reinstating the loan (since I don't tell them about Sub2) and they don't stop the auction. Now if what you are saying is absolutely true, and I have up until 5 days of the sale date to reinstate the loan, I am in the clear. I just want someone else to verify that as well.

@Account Closed  @Wayne Brooks 

First off let me be clear, I'm not trying to cut the realtor out of anything. I want him to get a commission, and although I found the seller not from the MLS, it happened to be listed when I researched it. So he gets a commission. But 6% and the seller said he only showed up to put a sign in the yard? Never seen him since? And even when I walked the property today, the realtor decided not to show up.

Let me be up front with my question. This house is for me to live in, not flip. It allows me to get in a POS house on one of the best blocks in my city. A $130K renovation will turn this into a $720K + home. It will be a $420K loan amount after I make up $40K in back payments. So the question is...

Should I get the house under contract, get a release of information signed, and try to flat out talk to the bank and ask them will bringing the loan current and paying all penalties and fees stop the foreclosure?