All Forum Posts by: Brett Goldsmith

@Ulises Ramirez I sent you a PM. I'd love to share my thoughts with you on this one, your strategy, and the other strategies that I would be exploring.

Did HUD place the arrearage back into the loan via capitalization? HUD generally records a silent 2nd lien called a partial claim for the arrearage. Have you already checked title?

If the loan was capitalized you'd just assume the new current UPB. From from my experience with partial claims, I'd lean towards them wanting that paid in full prior to any 1st lien assumption, but I could be wrong as I've never done it.

If the payoff and property is in a position where it make sense to take the home subject to, reinstate the account, etc, then that should be an option. It's just important to have the property disclosures and agreements in place if you go that route due to potential liabilities on both sides. 

@Javier Feria What are you trying to accomplish? With the right tools, they are all leads!

@Lee Nguyen Welcome and enjoy the journey! That's a good strategy too!

You should check title, order a payoff from all lien holders, analyze the property, and propose an offer accordingly if interested. If the property is not foreclosed on then the borrower won't have a foreclosure on their credit. 

3 types of mods. Traditional (capitalization: arrearage placed back into UPB), principle defferal, and principle forgiveness. Then they may adjust loan maturity date and interest.

@Account Closed Try to purchase it via short sale! I PM'ed you.

Generally sellers are not allowed to do lease backs legally if a short sale is complete. There are some exceptions if a non profit is purchasing the property. Feel free to ask the bank as TFC sounds like a smaller servicer and may have different guidelines. This is likely one potentially why they did not participate in the HAFA program too which grants relocation to eligible sellers.