Sale Of Property On The 22 Nd Of This Month
I have a problem where a owner gave me his property on a sub2 deal and is haveing a warranty deed filed this week giving me title to the property
But i found out the banksale is on the 22 nd of this month
I can not get hold of any one at the mortgage service company so to get the sale stoped for 14 to 30 days so i can get the back payments payed
The property has a loan balance of 270 K and has a value of all most 400 K
I need some help for any one as to what i can do to get this stoped as i said for two weeks to four weeks
Will the filed deed slow it down or stop it for a while ?
The one thing that will FOR SURE stop the sale is for the present owner to file Bankruptcy.
Filing the Deed will have no effect whatsoever.
[addsig]
It would seem that the bank would be calling the owner constantly. The owner should have all the contact info to the loss mitigation.
Will they participate and talk to the bank.
How do you plan on handling the due on sale?
OKAY
thank you for the responses
The seller /owner is not going to file bankruptcy i know this As he is not as he says there he just has had a drop in work and can not afford this home any more
All the information the seller /owner has on his mortgage payments and company he has given me all ready
It is just this send your payment here and if you want more then call us and all you get is a voice mail
And no matter what you say or tell it you never get a person on the line or told a # to call to talk with a person
The place is litton loan servicing they are out of Houston TX
any one have a direct line for them that goes to a person ?
Or at the least delt with them on a property?
YES you would think so
But has not been the case as yet and the home owner has been trying to call and get something done now for over three months and no call backs and no nothing
He told them on one call he was selling the house and needed a payoff # for the new buyers nothing he said not one word back
HEY was wondering is there any one readding this form that would like to loan me the 20 K i need to bring this deal clear on a note secured by this property payable in 6 to 12 months at 4 % ?
But if there is i would need it with in a week or at the very latest the 18 TH
If you just send a payment to the payment address, I bet it will get processed and applied to the account.
There are a lot of lawsuits about foreclosures and when payments were "tendered".
HEY that might be a good idea but they want the loan brought current at this point and this is the only payment they want
The seller has tryed every thing they can to get the information and get the sale held off for a few more weeks
The property is in Oregon state
LOON
Thank you for your information
Yes i have the full help of the owner/seller as well have had them sign a CYA form i have that clerly says that :::
1 ) you were not promised anything as in for sure paying off the loan or any part of it just that best efforts will be used
2 ) that i am of sound mind and have no other way i can go with this property
3 ) that i understand the buyer may make a propfit on this property when and if he /she were to resale and hold them to no promise to pay me any part of any profits
There is much more it is a 2 page deal and if the seller is not willing to sign it then there is no deal
AS well has signed a paper giveing me the right to information
Iam not completly new to sub2 but have not done many but am doing more now then i have in past years [ Edited by northwest01 on Date 05/07/2009 ]
The seller has tryed every thing they can to get the information and get the sale held off for a few more weeks
How is the title held?
Sub-to a dead person person. If you stop paying, what happens?
is there equity to sub-to
I would see if some "free" recovery money could be used to fix the loan, then take it over.
In Florida, the property needs to go thru Probate before the heirs can sign a deed and sell. Is it the same in your state?
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"BARGAIN KING"[ Edited by bargain76 on Date 05/29/2009 ]
Is the mortgage due on death?, or is there the opportunity for the "estate/heirs" to assign it?