Has anyone had any experience with the lender:
Mortgage Electronic Registration System, Inc. ?
I am about ready to get together with an owner that is just days away from a Trustee Sale (7/10/06) and they have vritually no equity.
The property is listed with an agent and based on comps, amount owed and defaulted amount the homeowner is almost completely upside down. The owner does not want, nor can afford the house.
thank you,
john
I thought MERS was a tracking service for lenders…i can’t remember if it is your flood or confirming IRS documents
MERS is just a servicing house for lenders. You need to find out who the end lender is and possible you can buy on a short sale. I just had an investor pick up a property for 50K less than what was owed by dealing direct with the lender.
Good Luck
Thank you all for the replies.
The lender is actually CitiBank.
Does anyone have info dealing with CitiBank in the Short Sale area?
Thank you.
john
Citi bank right now require 90% of BPO.
Thank you for the reply on CitiBank. I guess they do not mind holding properties.
John
The problem is, third party bidders over the last year have been bidding properties through the roof so they now feel they will get their money if it goes to sale.
so when banks dont wanna do a SS, they think they are going to sell at the auction for the amout owed + arrears? 90% of BPO, do that mean what ever the BPO say they will - 10% off of that