All Forum Posts by: Sam Tang

Ok thanks, @Dawn Anastasi and @Cal C. , appreciate the feedback! I guess I could be pre-mature in assuming how this shakes out. I'll wait a few days and hope it resolves itself!

Thanks for the quick reply Dawn! Do you use their website and pay through their autopay feature? I don't understand why the site is not working for me after signing up. I guess I'm just worried I will have to send in checks to them every month and would much prefer an automated way to pay the mortgage.

I go through a mortgage broker for my loans and they usually sell their loans and I guess I was lucky to always have a loan sold to JPM as their servicing links up perfectly with my Chase credit cards so I can see everything in one place and set up autopay like my credit cards.

However, I recently refinanced and the loan got sold to Green Tree for servicing and I've tried to sign up online to get my statement through their website to set up autopay online but after I log in, the website just doesn't work! It's been "down" (that's what they say when I call them) for about a month so I dont have any faith in it ever working again. Funny thing is when I asked them about it on the phone, they said it was down for the day and then when I said I tried setting it up last month, they said its been down since last week (I set up the account 3-4 weeks ago and thought it might needed some time to register in their system)...so it sounds a bit shady to me.

I also haven't received my paper statement in the mail and today is the due date for my first payment. They said they would re-send it in 2-3 business days, so will see if it comes. This coupled with all the complaints I have read about them online, I'm thinking I could be in for a real rough time. I really don't want to be accessed any late fees or damage my credit but I'm at a loss to who else I can talk to about this...

I called the PR and left a message but the crazy thing is I just saw the property listed on the MLS today! Does this mean I am late to the party? There is a open house tomorrow I plan to check out for it and see if I can find out any more information.

The MLS listing the commission has it for Buyer Agent/Facilitator and I don't see a Seller Agent commission on there so I believe that means they are only facilitating the MLS listing and not representing correct? Either way I guess I will find out more tomorrow!

Yea the market here is insane.... returned to near bubble prices already. I am just estimating with the 70% value because I obviously have not seen the insides of the property but I would say the balance of the RM seems to be below market value. Sounds like my next step is to call around and surprise people with some out of the blue questions!

Again thank you all for the suggestions, much appreciated!

I think I got confused about the "Secord Mortgage" part for what the reverse mortgage was called. It very well might be the only lien on the property.

Would it be wishful thinking to think that some of the payback can come from the estate left behind? The mortgage is probably 70% LTV so purchasing at FMV would make it not a selling point as it is not underwater. Is that what you mean Kristine?

As far as I could tell she has had no spouse (living or passed) and I believe the only heirs would be the niece and nephew.

Thank you for the detailed explanations! Much appreciated!

After some more digging, it looks like it was a Adjustable Rate Home Equity Conversion Second Mortgage (ie. reverse mortgage) opened back in 2005. After looking more into it, it says the loan is due upon death. Does that mean the attorney will look to sell the property to satisfy the lien prior to the lender foreclosing?

Thank you Brian for the reference!

Hello all!

So I happen to pass by a property I believe to be vacant frequently and out of curiosity I have looked into seeing if it is indeed abandoned. After reading multiple threads for advice on finding information on the property I have dug up the follow:

- Looks like the owner is recently deceased

- There is back taxes on the property since then

- I don't believe she has any immediate next of kin (its scary how I could find that information out from the internet). I found an obituary for her and it listed some close family members and the closest I could find still living was Nephew/Niece.

- I was able to also find a court case for her from the probate office. It looks like an attorney was assigned as "Personal Representative"/Temporary Conservator, so although I am not 100% what that means but it seems like someone was appointed as fiduciary.

- looking at public records and liens it looks like there might be a rather large HUD second mortgage on the property also (I would think at least 70% LTV)

The case is listed as closed since last month but does that mean the property would have been distributed to anyone or is the Conservator still tasked with wrapping up any assets, etc...? I just kind of want to know if I should reach out to the attorney or if I should try to reach out to the next of kin.

Thanks for the reply on this Chris. Negotiating with the seller, I was told he needed the funds to purchase a new home so he stuck with his rent-back guns. Agent told me it's because he did not want a contingency on selling his home while looking. I couldn't offer him a fast close as I'm not paying cash and my lender estimated 45-60 days to close.

I've since talked to a laywer and she is working on coming up with a bullet-proof rent back lease agreement with security deposit at closing. The only thing I'm worried about now is if he for some reason decides to not pay rent and squats there. Hope not, but I guess that's a risk I got to stomach if I want this deal...

A place I am looking at has a "seller needs to find suitable housing" disclosure. From what I can tell, he looks to be a single father with a child. I read people with children usually ask this? It does not sound like he is going through a divorce (no idea if I should even ask or not?!) because the listing agent made it seem like he was not in a hurry.

My initial offer got rejected and I'm trying to structure a counter-offer with an incentive to the seller without bringing up the original offer price too much. The difference between my offer and the counter offer is about 20k or so.

I was thinking of offering either a flexible closing date or seller rent-back agreement. From what I have read, it sounds like this is usually a bad idea if the state has tenant friendly laws (MA does)..

any advice would be greatly appreciated!