Grandpa Ward and new granddaughter, Helen

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Reinstating, Bidding, and taking over payments

Posted by Lori on April 07, 2003 at 1:46 PM

I'm a mortgage underwriter who is about to jump into this head first, and wanted to confirm some of what I've been hearing. Your site is VERY helpful, and I'll try to make it to your seminar tomorrow night in L.A.

1) Does the reinstatement amount ALWAYS become the entire loan amount after the trustee sale date is set? Or can it be negotiated with the lender during those 21 days?

2) Is it true that at auction, any amount over the minimum bid goes to the owner who defaulted? (ie, loan amt. is 130k, and winning bid is 200k. Hence, 70k goes to owner who defaulted mtg.)

3) In hitting up the owner at the tail end of the 1st stage, I'd rather take over payments than assume a loan. Does anything need to be arranged for that? Switch of address for where the monthly mortgage coupons are to be sent? Is escrow involved in the 'taking over payment' process? Any way to phrase it so that the original owner knows I'm not going to further ruin their credit with unmade payments?

btw - the pics on your site are awesome. Elsa and Helen are adorable! I just think it's a great commentary on your character that despite a successful and busy schedule, you make quality time for your family.


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