I like your name; it is a good one for a RE investor ! "I’m “Rich” (deep voice), like the sound of that! LOL
Well anyway, the question. Unfortunately, there is much more info needed to be able to understand the nuances of this situation. You also do not mention what state the property is located in, which is essential in foreclosure questions, as each states laws regarding 4CL are much different, and the answe5r in one state, may not apply elsewhere.
You ask about the trustee. This could be the person representing the mtg co, and probably is, but it could also be a bankruptcy trustee, that you speak of.
The “Lien”, if a mortgage, and probably is, will be attached to the property, and have to be paid in order to get a clear title. Could the amount be discounted, yes it can, but this is difficult with a first mtg, and sometimes possible with a 2nd, or 3rd mtg, but there again you didn’t mention specifics here.
Hope this shotgun approach to 4CL helps some. Please forgive me for the humor, or lack thereof, over your name.
Help Wanted - Foreclosure Issue - Posted by Rich Hamilton
Posted by Rich Hamilton on August 06, 2001 at 19:23:54:
Hey gang,
I’m seeking some advice on foreclosures as it relates to the process of when the property owner brings his loan current after it was supposedly foreclosed upon. I am not familiar with foreclosures and looking for a little insight.
The scenario is as follows:
I just received a message from a guy that needs to sell his 3/2 condo. He said that he has to pay the “Trustee” $400.00 per month for another 2 years. He simply can’t afford to continue doing this and wants out. Where does the trustee fit into this? Is this “Lien” attached to the property at this point or to the seller personally? Can the amount be discounted down via negotiation? If so, whom do I speak with?