Real Estate Investor/ Private Investigator · San Antonio, TX · Member since 2015 · 73 posts · 20 votes
Had to re-post but rephrase the question since I didn't get a good response the first time. Any wholesalers, or investors out there that have had any experience dealing with US Bank Trust NA? I am currently working two leads (Vacant Properties) that have had their original mortgage transferred to this bank. Both properties have not had any payments come in over a year, so I was looking to see if they have been foreclosed on, but instead, found that the mortgage been transferred over to US Bank Trust. Planning on reaching out to them to see if they will negotiate the loans, but first wanted to see if anyone has ever dealt with the bank before to get any tips.
US Bank Trust NA is not a bank, this is a sub of Lone Star Funds. THey bought these homes from the banks and are rehabbing them, then leasing, sometimes selling. They aren't interested in selling to investors. WHen they do sell (after rehab) they are over-priced and the rehab is poor at best.
Investor · Scottsdale, AZ · Member since 2016 · 1k+ posts · 885 votes
9y
Hi Hector, US Bank is big. Big banks move slowly.
The properties could be "deed in lieu" or at some point pre-posting for a foreclosure. The bank could now own the properties or they could still be owned by the buyers. I would have a Title search done to find out the status and who actually owns it "at this minute". That is the only way to know how to proceed.
Real Estate Investor/ Private Investigator · San Antonio, TX · Member since 2015 · 73 posts · 20 votes
9y
@Account Closed Thanks for responding. I have looked at the county website and searched the property and owners for both properties. Neither show that the bank has taken ownership. The county appraisal website still shows the properties under the original owner's names. I would assume with that alone that both are pending foreclosure. I guess the only way to find out and to get an authorization from the owners to speak to the bank on their behalf??
Investor · Scottsdale, AZ · Member since 2016 · 1k+ posts · 885 votes
9y
HI Hector, there is too much missing information to know which way to proceed. Do you know the owners? Do they know the status of their loans? Do they have the ability to bring the loans current?
The bank will NOT talk to you about a loan that you are not on, unless you have written authorization from the borrowers.
Since I can't really determine what you are trying to accomplish, that is about as much as I can figure out. PM me with the details if you wish.
US Bank Trust NA is not a bank, this is a sub of Lone Star Funds. THey bought these homes from the banks and are rehabbing them, then leasing, sometimes selling. They aren't interested in selling to investors. WHen they do sell (after rehab) they are over-priced and the rehab is poor at best.