Preforeclosure-Bring payments current
If someone is in foreclosure and I want to bring them current, what am I bringing them current on? For example, if it will take 7,000 to bring someone current, does that bring them current on real estate taxes and home owners insurance if the person escrowed these items and didn't make their mortgage payments?
heeranyi,
The majority of that $7,000 will be their mortgage payment to the bank which they obviously haven't been making.
Yes, taxes and insurance will be included as well. There will also be some extra fees and attorney's fees thrown in to bring the total amount of the arrears to $7,000.
When people get that far behind they will usually do anything you want and will happily deed you the property. At that point they just want out.
Happy Investing,
Stacy Kellams
greetings
if the taxes & insurance were PITI(principal,interest,taxes,insurance) then the past due payments would include that amout.
thus if you get a statement from loss mitigation about the amount due paying that will cover everything.
that will not cover any leins or judgements that may be attached to the property(including back child support payments that can be attached to the property either by the man that owes them OR onto his wife's property)
i believe only a title search will reveal these issues.
baring any of that(rare) stuff the 7k should do the trick
good luck
[addsig]