OfflineIf someone in Pre-forclosure has agreed to sell me their house 'sub2', and the loan is behind, when sending in the money to make the loan current, should I call the trustee to tell them the loan is being made current, not do anything or what? Thanks in advance for your responses.
timberline
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Deal directly with the homeowners lender. You will pay them to cure the foreclosure. They will take care of everything else. Before you send money anywhere have your title company do a O and E and a title search. Do not reveal your exit strategy to the mortgage company. Close the subject to at a title company. Send no money until you control the property.
I assume the homeowner is moving out.
Good Luck!
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Yes, moving out. So you're saying, if title is clear then:
1. Close getting the deed.
2. Then send the money to cure?
Will the lender automatically notify the trustee to stop the auction?
Thanks very much for your response.
Timberline