As the issue is getting down to the wire, what do I do about getting the bank the check in time? (The Forclosure is happening the following Monday-- according to the owner (unconfirmed yet) after New Years) Do you call them and say, “I’m Joe and I’m sending you a check on their behalf… stall the foreclosure!” Do you wire the money? What’s the protocal?
Adam,
Do you have the Loan Authorization and Reinstatement Request signed and faxed off to the lender AND the attorneys yet? If not, get it done pronto. At this stage in the game I think it pays to work both ends, although the lender will tell you to just talk to the attorneys and the attorneys will tell you they’re waiting on a response from the lender.
It’s important to get the Reinstatement request off quickly as it sometimes takes three business days to get this back. It’s a simple form that requests the lender send the EXACT amount to reinstate including the January payment, the payoff amount, and a request for an extension.
You have to call the next day after faxing to make sure the Authorization was received and processed and then each day after to pressure them. Try to find out who the account manager is for the attorneys and the same for the lender and see if you can get a direct number.
The response will be a detailed itemization of the amount to cure and who is owed how much. Sometimes the attorneys want one check and they disburse the funds. Othertimes they will want separate checks for the lender and attorneys.
You can wire the money, use Western Union, or overnight a certified check or checks. I prefer the latter, but you do have to follow-up to ensure they received it and actually cure the foreclosure. The process is not difficult, but it does require monitoring.
HTH