These are the questions I have to ask owners about their 1st mortgage when they call.
1st Mortgage Balance $ ____Payments Current? Y N
How late Monthly payment ______________
Months Remaining __________ Rate%
Lenders Name ____________________________________
Do you have loan papers? Y N
FHA VA CONV Private
My question is-
Do I ask the same exact questions about a 2nd Mortgage as far as monthly payments, being current and lenders name?
Sorry but I dont know if they have to make two seperate payments or if they are combined OR if 2nd Mortgages can be obtained by lenders other than the first.
Thanks for your patience!!!
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BTW I know I need an Autorization to Release. The above questions are just for when they call so I can see if I can make a deal or not.
The second mortage is totally seperate and many times its underwritten thru a different bank so always ask about it as well. Remember today many people are buying using 80/20 or 80/15/5 so they do not pay PMI…so find out if there is a 2nd and its status.
If it looks like I got a deal. The first thing I do that day or at least the first thing the next morning. I go to the recorder’s office in the county seat. I look up the address and see what is owed against it. Sometimes they have 3 or 4 mortgages. What will blow you away is when they have an home equity loan and they don’t realise that those checks are against the house. But you could run across what looks like a big home equity loan and they have not used much of the equity.
Does that happen very often, NO NO NO
You cannot tell how much they have spent of the Home Equity Loan at the recorders office. Just assume it is all used up. I have found that 99% of the time that is the case.
Also look in the treasurers office to see if the property taxes are current. Find out if your county has Barrett law?
Also look to see if judgements are placed against them in civil court.
You are looking for the people that need, I repeat NEED a way out. Motivated Sellers
They sat for to long and tried to pretend that nothing was wrong. Now they are ready to take action. So you have to be ready to act. Keep looking and you will find them them.
:rotate:
Make sure the deal is a good deal.
Run the numbers
First and foremost. See if you can help them keep their house.
After you study up on REI you come to realise. Most people do not know how the biggest investment in their lives work… Every once in a while you are lucky enough to run across a circumstance where you can just tell the owners what to do and they can save their home. 8)
I sleep good at night. I know I am doing what I can to help people. I still make sure it is a win win situation.
If it is not a good deal for my company, I walk…
Wishing all success
Bruce
Thank you both for the advice.
Bruce, that is exactly what I wanted to do. With the letters Im sending to homeowners Im including a list of ways they can save thier property. (Thanks to John Michael)
If they cannot save it (or dont want to) and want to sell then I tell them to call me. Whether I can help by providing info they may not be aware of or purchasing the house if they have no other choice than to sell, at least I might be able to help them in someway. ;D
Thanks again for the advice. It was very helpful.