Calculating Arrearages - Posted by Jim

Posted by Monique on February 24, 2001 at 16:12:14:


If you are sitting in the seller’s living room, ask them to bring out their “house papers”.

With the coupon book in hand, call the lender’s customer service number. Have the Seller give them verbal authorization to talk with you (you’ll want to get written authorization before you leave and a PoA when you close). The lender will be able to tell you how much is required to bring the loan current.


Calculating Arrearages - Posted by Jim

Posted by Jim on February 24, 2001 at 13:38:51:

When a seller calls us and says, "We’re 3 months behind on our mortgage (s) and we need to sell fast! That is a motivated seller!

Ok… It’s pretty simple to determine how much cash is needed to bring these back payments current by multiplying the amout of months (3) X the monthly payment $1,000.00 answer $3,000.00.

My question:

How do we determine how much more than the $3,000.00 is needed to bring everything up to date?

Late Fees, Penalties, Legal Fees etc.

How is all of that calculated at the living room meeting with the seller?

Thanks for your help