My student called me and said they had a call from Countrywide on a Subject To deal they recently did. The gentlemen from Countrywide asked the student if he took the deed to the property and my student answered yes and thoughts of the loan being called danced through his head. The gentlemen from Countrywide responsed “we thought so the back payments are current and the payments are being made on time, have a good day.”
This seems to be the meat sitting on the platter here for the original question that started this post. 99.9 times out of a hundred the lender isn’t going to envoke DOSC.
The lender wants the note paid on time, they don’t care if the man on the moon pays it. They are in the business of MAKING MONEY!!! They can’t stand a non-performing asset on their books. They will do everything in their power to keep from accelerating a note or go into foreclosure.
I know this from personal experience. I went into the hospital this summer for a week. We don’t have medical insurance and we got behind on our house and car note. Car was ready for repo and talked with finace co. We had a $1500 arears and our payoff was going to be $7,000. Settled with them for $2500 cash and that was taken care of. The house was about 5 months behind and we did a partial claim and now we have a 2nd that will be paid when the 1st is taken care of. MORTGAGE COMPANIES and FINANCE COMPANIES want their money, and they will discount to get it. We only had 10 payments left on the van when we settled. OF COURSE, they wanted to repo the van. It was better than 90% paid off ;D
They also know if you’re making the payments and they started DOSC, you will stop payments and they don’t know what the property is gonna look like if they get it back. It’s in their best interest to keep taking the payments.
DON’T LET THEM BLUFF YOU!!! You be in control of the situation!!!
Kevin