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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Getting around pre-foreclosure glitches Posted by Ward-CA- on March 27, 2002 at 6:23 PM In Reply to: pre-foreclosure posted by Laurie on March 27, 2002 at 12:56 AM : Hi there! : I am in the proccess of buying a home in foreclosure before the auction. The property has three mortgages against it. Mortgage #2 and #3 have agreed to settle for a small fraction of the original amount. I have two problems: : 1. I requested a payoff statement from the law office handling the 1st mort.foreclosure over a month ago (they said it would take 7-10 bus. days) I've been calling every day or two. The lady I'm dealing with says it's the banks fault that it is taking so long.("they are having a problem with the numbers") : 2. The owner will be leaving the country soon,however, his son has power of attorney for both his parents, But my title co. is concerned about it. Would a quitclaim deed be of use? : I am in Florida if that make a difference. : Thank you, : Laurie =•=•=•=•=•=•=•=•=•=•= Laurie, 1. Call the bank and ask for the payoff amount directly from them 2. Check the date the parents gave their son a power of attorney (POA). If it is over one year have them issue him another one. Here in CA the title companies won’t accept a POA that’s more than one year old. Also check to see what kind of POA it is—general or special. If it is a special POA then make sure it’s for the property in question. It might be advantageous to have the parents execute a recordable quitclaim deed to you and have your escrow hold it pending your performance. If you’re not using an escrow then have their son hold it to deliver to you instead. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi there! : : I am in the proccess of buying a home in foreclosure before the auction. The property has three mortgages against it. Mortgage #2 and #3 have agreed to settle for a small fraction of the original amount. I have two problems: : : 1. I requested a payoff statement from the law office handling the 1st mort.foreclosure over a month ago (they said it would take 7-10 bus. days) I've been calling every day or two. The lady I'm dealing with says it's the banks fault that it is taking so long.("they are having a problem with the numbers") : : 2. The owner will be leaving the country soon,however, his son has power of attorney for both his parents, But my title co. is concerned about it. Would a quitclaim deed be of use? : : I am in Florida if that make a difference. : : Thank you, : : Laurie : =•=•=•=•=•=•=•=•=•=•= : Laurie, : 1. Call the bank and ask for the payoff amount directly from them : 2. Check the date the parents gave their son a power of attorney (POA). If it is over one year have them issue him another one. Here in CA the title companies won’t accept a POA that’s more than one year old. Also check to see what kind of POA it is—general or special. If it is a special POA then make sure it’s for the property in question. : It might be advantageous to have the parents execute a recordable quitclaim deed to you and have your escrow hold it pending your performance. If you’re not using an escrow then have their son hold it to deliver to you instead. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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