Bringing a property out of foreclosure

Foreclosures, Short Sales, Tax Foreclosures
1

Hey guys,

I am getting great response on my NOD mailings. I am going to write 1 to 4 contracts between now and Tuesday and I had a question about bringing the property out of foreclosure. So far the sellers I talked to have no idea how much they need to reinstate the loan. I asked one of them to ask the bank and get back with me. For example, the letter she received stated that her loan is $40k but the payoff amount is $54k. Does that mean you need $14k to reinstate it?

I am planning on buying them Sub2.

2

Get an authorization to release info from the HO and find out directly from the lender. The lender may not know the exact amount on a day-to-day basis because of the attorney fees being racked up off-site from the lender. So, they have to order a “payoff”, sort of, in order to get the exact amount.