Hello fellow BPers,
I have a pre foreclosure under contract that has 18k in back payments. The lender is stubborn and has told the seller that they will not budge on the back payments. I have been through a couple of REI training classes that have told us that lenders will indeed cut down the back payments. So my question is...
What are stratigies you use when talking to the seller mortgage's morgtage company to lower the back payments?
Also when you get an 3rd party authorization form signed to talk to the lender about the payments does it have to be
Thanks for the advise!
Never known a lender to negotiate on the payments required to bring a loan current.
The authorization does not need to be notarized.
I'm genuinely interested to hear how you have a property under contract without knowing the payoff.
Lenders don't negotiate backpayments. You might be mixing terminologies and mistaking a short sale for back payments considering you have it under conract.
It’s actually something I was told that was possible in a Rich Dad Poor Dad 3 day training. I have never done it and can’t find information on it so that makes sense that you can’t.
Yep, those types of guys say all kinds of crap that sound good, unless you know better. Maybe someone did one with a worried private lender somewhere.
Most servicers don't require a 3rd party auth to be notarized. You can't settle only back due payments. You can settle a mortgage depending if the home is upside down and if other factors are present.
For back due payments a borrower has limited options. They can reinstate, potentially receive a forbearance plan, or a loan modification.
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