I got a list from my title company with all this months foreclosures. The list has the trustee on them. my question is …Do i need to contact the trustee on the list, or can i deal with the H/O directly??
Now if i have to deal with the trustee what is the best approach? I am wanting to wholesale deals in my area here in Texas. I am on a short amount of time to do so. i only have 21 days to the time of auction.
Also what is the best way to find Pre foreclosures…or NOD in Texas. Any investors in texas please let me know.
Thank to All!
Abel
yes and yes first contact the owner then the trustee youu have to get a release of info sign by the H/O and then submit it to the trustee. Hope this helps
Yeah the reason you are seeing the trustee on the lsit is because technically the trustee owns all the property and items in the trust, even though they are not the home owner.
Ok so i get with the H/O first , then get this release form ,and then i can talk with the Trustee. So the Trustee is going to need that form before they talk w/ me?
Thanks,
Abel
What are you trying to do? First of all the trustee in a foreclosure action is normally a third party company that specializes in foreclosures. So they are not in a position to make decisions like whether to postpone or accept short payoff. The beneficiary/lender/servicer is the decision maker. And in any case you will have to purchase from the homeowner up until trustee’s sale.
You have to get the trustee to approve the payoff as well as the bank usually the bank will approve a sale as long as its enough to cover the leins and judgements against the property. You need the consent from the homeowner to act as a third party to get both of the payoffs.
Once you have the numbers you can make an imfomed decision about what to offer both the trustee and the bank. The trustee will then present that number to the creditors of the debtor to see if they are willing to accept. Make sure you have an appraisel or current comps
Usually the mortgage arrerage and deliquent taxes are on the trustees payoff amounts and you don’t have to include them with the payoff from the bank.
I am trying to find out the best way to approach a trustee, before the auction on foreclosed property. I usually deal with the H/O. I have a list from my title company and it has the Trustee’s names on there to contact. My question was do i go directly to them or can i just skip them and go to the H/O??
Or is it necessary to talk with Trustee first?
Abel
Thanks for your reply!
So i need to contact the H/O first, then get them under contract , and then talk with Trustee , who in turn speaks with the bank with my offer???
Thank you!
Abel
Yes H\O first but you need the consent then you have to contact the trustee and the bank. The trustee has a payoff amount and it is very different then the one from the bank. You need to contact both. They will not talk to you without a consent to release info. Good luck