All Forum Posts by: Ron S.

you have no duty to move forward unless you sing loan docs and in the case of a refinance, not even then for the first three days after. If they spent money on credit, title, etc., its all a part of doing business. That doesn't mean they won't send you a bill but, they can't make you go through with a loan.

The right of rescission only applies to owner-occupied property refinances - not investment properties!

i missed the "rental property" component of the post. Good catch.

1 Vote

Atlanta, Georgia

0 Votes

Atlanta, Georgia

Quote from @Account Closed:

Quote from @Shari B.:

I am shopping around for a cash out refi on a rental property and have a couple of very good prospects. Conventional loan, excellent credit and reserves, nothing owed on the property and the property is seasoned. One of the mortgage companies has approved me, subject of course to an appraisal. They want me to sign something that lets them start the title search. Is that customary? I mean, I'm not sure if I want to go with this lender yet, as I'm still waiting for the conditional approval from another lender who might come with better terms. If I let the first lender start the title search am I bound to go through with the mortgage with this lender? The broker that I am talking to says that this is standard.

Let's say it is standard and it doesn't bind me to go forward. Should I feel bad if the lender spends the money on the title search and I don't use them? Thanks!

We have favorite title & escrow companies in each of the communities we buy in. So, we incur little if any cost on prelims. It is slightly different. However, you may be charged for a title search, but it does not bind you to doing business with them or that lender.

When you buy bread, if you don't like what is being offered at one store, you can put the loaf back on the shelf and go to another store. It's the same with loans.

On a $400,000 loan for 30 years, a 1/4% interest difference costs you something like $23,000 in frozen costs not to mention that you could be investing that money along the way.
Here are some of the companies owner by Fidelity National

All of the major title companies get their titles through

FIDELITY NATIONAL TITLE INSURANCE COMPANY

and their list is something akin to

And on it goes.

this was not useful.

0 Votes

Atlanta, Georgia

As long as you can document two years of work/income, yes (All things being equal).

0 Votes

Worcester, Massachusetts

Quote from @Kristine Ann:

I'm new to foreclosure auctions. There's a property in the neighborhood I grew up in that I'm going to bid on.

Read through the court documents online and it doesn't appear that the owner on title attended any hearings or tried to stop the foreclosure. The proceedings went on for two years because the mortgage company couldn't show that the house was vacant but also couldn't prove that the notice was delivered/received by the prior owner. It sounded like they suspected he was not living there but couldn't figure out where he was.

As part of my research, I was thinking I'd call the utility companies to get some information. Is it common place to call the utility companies to get information on electric, gas, water and garbage pick up? I'm curious to see if any of the utilities are on, how much is due, and when they were turned off. Will the utility company give me this information or no because of privacy laws?

Why would you have any care of concern about utilities? What does that have to do with bidding on a foreclosure? if you bid and win and its not occupied, move in or rent it or sell it. If it is occupied, evict, move in or rent it or sell it.

1 Vote

Upstate New York, New York

Quote from @Mario Broughton:

I read how easy it is for scam artist to file fake papers with the county court clerk in order to foreclosure on properties. They say that these papers are available on the dark web. What protection can home owners have against this?

I think you are mistaking fake foreclosures with the commercials we hear about for title theft. Faking a foreclosure would require thousands of dollars in fees, months (if not years) of time, an incredible degree of knowledge of state and national foreclosure rules and procedures and balls the size of a house to expose one's self to the prosecution that would more than likely result from the fraudulent action. You don't foreclosure privately. its a public action for a reason.

0 Votes

Quote from @Account Closed:

All mortgages are fraudulent!

All foreclosures are based on gross fraud, forged signatures,fake documents, corrupted judges who are criminals working for the bankers.

The same goes for the attorneys.This country doesn't have the lawyers, and public officials are not following the law.

Not the common law not even their own fake, UCC code color of law.

BAR attorneys are foreign agents trained to destroy American people and American Constitution!

ASK THEM IF THEY ARE REGISTERED AT FARA.

THE COURTS, THE JUDGES AND THE LAWYERS ARE THE SCAMMERS.

DO NOT BUY FORECLOSED PROPERTY!!

BESIDES DESTROYING PEOPLES LIVES YOU ARE INGAGING IN CRIMINAL ACTIVITY .

ALL THE HOUSES ARE PAID OFF IN FULL AT CLOSING.

BANKS NEVER LOANED US ANY MONEY!

THE RULES OF THE COURT PROCEDURES ARE NEVER FOLLOWED DURING THE FORECLOSURE LAWSUITS.

THE ORIGINAL DOCUMENTS( NOTE ) ARE NEVER REQUIRED AND IF YOU REQUEST THEM THROUGH THE DISCOVERY YOU WILL BE DENIED.

ALL FORECLOSURES ARE BASED ON FRAUD!

Ok...this person needs to quit drinking coffee with caffeine and, should probably stay off the internet for a while.

1 Vote

Would also be helpful to know if it is "in" foreclosure, or "foreclosed". You stated, foreclosed, so it implies the public auction occurred and that the auction now is an attempt by the owner to sell an REO. In theory (if not practice), if the foreclosure already occurred, any liens behind the foreclosing entity were wiped out. If it didn't, buyer beware but in any event and regardless of foreclosure vs foreclosed, get a title report so you know "who's on first".

2 Votes

Worcester, Massachusetts

Active foreclosures are a matter of public record. you can search county records, public notices in the paper and so on. you won't find any list of delinquent borrowers that do not have a filed action, anywhere as that is not public record.

0 Votes

Austin, Texas

Quote from @Farhad Novian:

I’m looking property bank note only. Before forcloser

No one is going to sell you a "property bank note"...from a bank. Maybe some onesy twosy mom and pop investor but no one is going to sell you volume if you are a onesy twosy mom and pop note buyer.

0 Votes

All Forum Posts by: Ron S.

Ron S. has started 0 posts and replied 1907 times.

Post: When am i bound to go through with a refinance?

Post: When am i bound to go through with a refinance?

Post: When am i bound to go through with a refinance?

Post: Will we be able to use my wife’s income to qualify?

Post: "Detective Work" on a Foreclosed Property (Calling the Utility Companies)

Post: Are home owners losing their properties to fake foreclosures?

Post: Are home owners losing their properties to fake foreclosures?

Post: Buying a foreclosed property at auction

Post: Where to find list of pre-foreclosures?

Post: Buying the note before foreclosure?