All Forum Posts by: Yin Wu
Yin Wu has started 2 posts and replied 12 times.
Post: My Private Mortgage Lender doesn't send me the payoff statement
- Posts 14
- Votes 6
Originally posted by @Jeff S.:
A few things don’t seem right here, @Yin Wu. There must be more to this story.
First, unless the loan is from your mom or a close friend, there is not a legitimate private lender in the world lending interest only at 5% now. And, I assume your mom or friend would return your calls. Second, there is no reason a lender, who just provided $600k to you, would not return your call or claim he doesn’t know what this is about. Are you sure you actually received this loan and actually own the property?
Do you have a copy of a note and deed-of-trust you signed at either an escrow or title company as well as all the other loan docs typically expected by a lender? Do you also have a copy of a deed with your name showing ownership, that could be looked up at the county recorder’s office?
All recordings were performed by a title company. Yes?
If the answer to any one of these is no, then I’m guessing you don’t really have a loan and you don’t own the property.
We been called by unknown borrowers asking where their loan is. They were scammed by someone who stole the identity of our company and represented himself as me. In these cases, there was never an actual loan nor purchase of any property. They simply paid some anonymous scammer an up-front fee.
OR, I’m totally wrong (which usually goes without saying), and a few things should be clarified.
According to the dates you provided, your purchase money loan is just a few weeks old. Since your first payment in not due for a few weeks, you were shopping for a refinance at the same time your purchase loan was made(???). You used a private loan to ensure you didn’t lose a deal? Sorry, I don’t know what a DU refinance is.
Either way, if this was truly a legitimate loan that you just want to pay off quickly, the title company handling your refinance will be able to help you. It’s weird and unusual, but you don’t absolutely need the help of the lender to payoff and reconvey a loan.
This is your first post and your profile is blank, Yin, so there is no way to know your background, level of understanding, or sophistication. You might clarify your post.
Hi, Jeff, thank you for replying.
I purchased the property using seller financing because one of the tenants was not cooperating so appraisal couldn't be conducted. And the seller didn't want to deal with eviction, therefore, he offered to sell it with deed of trust seller financing. I paid him 1.5 point for the loan and slightly over the market price for the property. Towards to end of the closing, he tried to back out because he realized that he needed to pay out of pocket for the seller financing. But I enforced the contract. We closed with title insurance and escrow. Loan was recorded and the property is currently under my name.
Fast forward one month after closing, tenant issue was resolved. I started my refinancing and got approved. So escrow approached the seller for the demand and reconveyance, but the seller/lender is not cooperating and not communicating. I know the whole case sounds odd. Because the interest rate is more than fair and I am performing to give his money back. I can't think of a reason why he doesn't cooperate. I am afraid he is trying to take his property back at loan maturity.
By the way, the first payment is due on 2/1/20 which I will pay for sure.
Post: My Private Mortgage Lender doesn't send me the payoff statement
- Posts 14
- Votes 6
I have a first deed mortgage of $600k with a private person in CA. Loan term is 6 months, interest only at 5%, maturity on 7/1/20. First payment is due on 2/1/2020.
I've been DU approved for refinancing. Escrow and myself have made multiple attempts to reach the lender for payoff demand and reconveyance via phone call and emails. The lender has been ignoring all these communications. I hired a process server last week to deliver a "notice to perform" letter to is address last week and so far hasn't been successful either. The server also called the lender regarding this request and the lender responded that he didn't know what it was about.
So at this point, I am not sure what the lender is trying to do. What should I do to protect my rights in addition to documenting all these attempts?
Any advice are appreciated.