Real Estate Investor · Oklahoma City, OK · Member since 2009 · 86 posts · 39 votes
An individual has a house he'd like to sell me in which he obtained money to purchase the property through a Argent Mortgage. He stopped making payments on his mortgage shortly after that, and more or less just let the property sit.
When I do a google search for Argent, I come up with: "Argent Mortgage was a wholesale lending company that was purchased from ACC Capital Holdings by Citigroup in the summer of 2007. Citigroup has essentially re-branded Argent Mortgage as Citi Residential Lending."
It seems Argent was a subprime lender that got taken out.
I have searched court records and do not see any foreclosure actions in regard to the owners of the property.
My question is, what is my next-best move in working out something with the mortgage holder? Is there an easy way to find out who I can contact?
Hi Scott! What do you have in mind? Do you want a short sale or just buy it?
I recall the name as we had them here and yes, they were a subprime and conventional lender.
Because of so many bank failures and lenders being picked up by other entities, it's my understanding that regulators may offer assistance in different states. Your state finance department probably has the history on who owns what and where they are. And, the Secretary of State is always a source to track down entities doing business in your state. I'd start there.
If your seller has a payment book, you might follow that trail through the servicing agent....and if it is just a purchase, request a payoff as of a certain date.
Hope that helps Scott, you must have hit a brick wall as I'm sure you can usually overcome the little stuff...good luck, Bill
Hi Scott! What do you have in mind? Do you want a short sale or just buy it?
I recall the name as we had them here and yes, they were a subprime and conventional lender.
Because of so many bank failures and lenders being picked up by other entities, it's my understanding that regulators may offer assistance in different states. Your state finance department probably has the history on who owns what and where they are. And, the Secretary of State is always a source to track down entities doing business in your state. I'd start there.
If your seller has a payment book, you might follow that trail through the servicing agent....and if it is just a purchase, request a payoff as of a certain date.
Hope that helps Scott, you must have hit a brick wall as I'm sure you can usually overcome the little stuff...good luck, Bill
Yep Bill is right. Grab the latest payment stub or mortgage statement and back track. If you plan on talking to the lender, get an authorization allowing you to do so, or the homeowner could call and at least find out where you need to go next.
Interestingly this doesn't surprise me in the least. I ran into the same thing last year. We never pursued the property, but it was if the lender "forgot" about the property.