Loan Acceleration Default Calculations Advice
My company purchased a first lien home equity nonperforming note in Texas years back. It took us six months (should have only taken 30 days) to receive the paperwork from the financial institution we purchased the note from. Once we received everything, we tried to get a deed in lieu of foreclosure from the mortgagee without luck. Then we sought out legal counsel and were told the note was worthless. Fast forward seven years, we found out what we were told was incorrect and the attorney did not know what they were talking about.
We are now sending a letter of default and acceleration, but we need to figure out how much the payee owes including penalty and interest. Is there a program or spreadsheet out there I could use? We do not purchase a lot of NPN's, and this is currently the only one we have. So, we are not wanting to spend a lot of money of something sophisticated just something simple and quick to get the job done. We have still sent letters periodically and we are going to try to get a deed in lieu one more time before we start foreclosure proceedings, but I need to have these figures.
Any suggestions? Your assistance is greatly appreciated.