I was hoping for any information…I am trying to figure out the best way to determine the exact amount owed on a mortgage at time of foreclosure. For sherriff sales, I realize the opening bid is the figure to use for this. But, for newly filed foreclosures, how would I go about finding out what is owed with late fees, etc.?
If it is a preforclosure you can contact the lender and tell them the situation and tell them that you are the person’s personal rep and you are interested in taking over the property.
IN order to conact the lender you must first get an authorization form form the homeowner and the account number. Fax the auth form with acct number to the lenders loss mitigation department, specifically to the rep handling the acct.
What he said… a lender cannot legally discuss a customers finances with you without thier written permission.
You pretty much have 2 options
check public records to determine the amount of the loan, down payment, and monthly payment, then do some math and figure out about how much they owe…
ask the home owner
You could almost include a 3, to get the owners permission to discuss it with the lender, but if you do that then your pretty much just doing #2 (as above, not the ‘real’ #2)
The only problem with doing #2 is that even if you had a title search run, it is only going to tell you the balance of the loan, not the fees that have accumulated. I just went through that. The owner owed 65600 and we acquired the permission to talk to the lender from the owner and the fees that had accumulated in order for us to take it over were 45,000.