Real Estate Investor · Shelton, WA · Member since 2013 · 369 posts · 639 votes
Im on my 7th Subject To deal and came across an issue. In my previous deals i required sellers to change the username and allow me to reset the security questions/password for their online account access for their mortgage lenders, ensuring only i had access to the account from closing on; however, those previous deals involved mortgages from lenders separate from the seller's primary financial institution.
I ran into a hiccup on a great deal im about to close on, and i'm guessing i'm just lucky i haven't had to deal with it yet. The seller's mortgage lender is also the seller's primary financial institution; therefore, allowing me access to the mortgage information allows me access to the sellers checking/saving etc. The seller obviously does not want to allow this, and I don't blame him one bit, as neither would I. Just changing the mailing address won't work, as it will screw up their mail, and cause unnecessary grief with their financial dealings.
Any Subject To experts have a work around for this?
Lender · Playa del Carmen, México · Member since 2014 · 2k+ posts · 1k+ votes
10y
Hi @Account Closed. I know of no direct solution, but there is a work-around. See if the lender offers phone access to the loan account; most major banks do. If so, then at least you'll be able to make payments, check account status, order payoffs, etc. with just an SSN and loan number. Plus, with valid documentation from the borrower, you can get authorized on the loan account, so that when you call in a bank representative can help you do whatever else needs doing.
Wells Fargo started consolidating their online accounts a few years back, so we've gone through this on a few loans.
Alternatively, you could just wait a few months for the loan to be moved to a different servicer ; )