All Forum Posts by: Boyd McClean

Superior Loan Service Sherrie Heitkamp 818-483-8516 is who I use. I am sure others on the forum will have suggestions.

FCI issues you have had are not uncommon with them.

"They don't know but we're about to foreclose."

There is the key. Why should they give you any information to them you are an uninterested party. Foreclose then it becomes a different matter.

Depending on the size of the loaning institution, I call and get a name of a person in loss mitigation and send them a registered letter with a copy of the foreclosure with a note asking if we can work together on the matter. Don't assume you have to make a payoff many banks will allow you to bring the first current if in arrears and as long as you make the monthly payments they don't care. Seek legal counsel on this matter as each state is different in their laws. Seek a seasoned real estate attorney.

If you are going to be in this business over the long haul hook up with a service that will allow you to pull credit reports (soft). There you will get the balance of the first. Also run a soft report each month to make sure the 1st is current.

Also back into your problem. Do a grantee/grantor search find the loan amount and interest rate (on the first) and when the loan was taken out. Run an amortization schedule and that will give you a ball park amount. If you do not have an interest rate choose one. I use 7%. Yes it is a guess as there could be an adjustible involved. Also don't assume the first is in arrears. 

Send a registered return receipt letter to

Raymond Wojtowicz

Wayne County Treasure

400 Monroe Ave.

Detroit Michigan 48226

Tell him your problem in a nut shell and I bet you get an answer.

Mark on the envelope personal and confidential and I bet you get an answer.

Tell him you are calling and can not get response.

If you have any details as to date and time put it into the letter.

No the mortgage does not get cleared out unless there is proof the loaning institution was notified of the sale and took no action. (It is different in every state). Many title companies will not grant title inurance until the right of redemption has expired.

Do not bid at a tax auction until you have done a title search and inspect the tax auction file. As has been mentioned on this forum there are certain liens that do not get wiped out at tax auction.

Go to severa tax auctions and observe and talk to bidders....you will learn a lot.

Many of the people who bid at tax auctions and you think they got a deal have done no research and when they go to get title insurance can't get it because of liens that are still on the property.

Seth is right about IRS Liens. Don't try and get them released by conducting your efforts by email. Go to your local IRS office and find out who handles that type of thing. On the first one it may take 3-6 months, yet once you build a relationship with agent responsible for that matter things go a lot faster on future ones.

You would be surprised what a Starbucks gift card will do after you get your first one done.

Steve makes an excellent point. To cover youself go to the courthouse and check the foreclosure file to make sure the second was properly notified. The 2nd will either be notified by the Sherriff, Constable or certified mail. If the 2nd is out of state is it an individual or a corporation? Individual can be by mail, corporation through the Secretary of State. 

It is important to go through the foreclosure file so you know what you are up against. I was sued in Bexar county because the 2nd claimed he was not served. His son signed the notice and never told his father. I sent the plaintiff's attorney proof and the matter was dropped.

By going through the foreclosure file you will see if the 2nd mortgage holder was not only served, but whether or not they could be located to serve notice, and if the Constable or Sherriff signed proof of service and dated as well as a POD by the post office.

You did not indicare whether or not you were speaking of a tax or bank foreclosure. If it is a bank foreclosure you sometimes are able to contact the 2nd buy him out for a small amount since he is going to loose everything, and knowing ahead of time how far the first is in arrears. If you feel there is enough equity go to the Trustee and see if you could bring the 1st current and do a subject to. Keeps you out of a bidding war. Some trustee will go along with it and others will not. Small regional banks are more open to the idea.

By going through Trustee they have direct connection to the decision maker at the bank and many times the bank will go for it since you are bringing the note current and they do not have to have another REO on their hands. You are not having to tie up all your funds on an outright purchase you are using OPM. Do this in advance, don't wait to the last minute as Trustees can not always get an answer till a couple of days before the sale. If you can not get an answer in time then go to the auction and bid.

Yes 1st American seems to be accommodating.

As Patrick mentions go to your local REI that is where you can get

a lot of valuable information.

I found my mortgage broker by asking for a referal from a real estate attorney.

Also go to your local law bar site and look for one or ask for a referal from

your local REI Club.

Call the county recorder of deeds office and ask if records are on line?

1. Check with the states AG for any complaints.

2. Look for some Meet Up groups in the area of where they are located and post your question.

3. Do a google advance search with your question and see what you get.

4. Ask them for a copy of their purchase agreement and have it reviewed by attorney to see if the terms are acceptable to you.

5. If you buy notes require they give you the collateral file for review before purchase, if they won't then pass them by. An incomplete collateral file will haunt you later if you try to sell the note.