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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Reinstating a loan Posted by Ward-CA- on April 15, 2003 at 7:39 PM In Reply to: reinstating a loan posted by Rudy on April 15, 2003 at 4:52 PM : I found a pre-sale foreclosure, where the owner filed BK right before the sale, so the sale was rescinded. I cut a deal with the owner, waited the 5 days before signing a deed, and I'm now trying to get a reinstatement amount from the lender, but they have told me to call a law office, who has bounced me around and/or not returned calls. : 1)Anybody know a good way to get a quick response regarding reinstatement? : 2)how do I assure myself that the payment I make will in fact reinstate the loan, rather than having the bank just apply it to principal? : 3) I need to do this under the guise that it's coming from the owner, since I'm taking over their property subject to the existing loan. Any recommendations? =•=•=•=•=•=•=•=•=•=•= Rudy, #1. Call the lender and ask them who in particular in the law office you should be talking to since no one there seems to who you need to deal with. #2. Create a letterhead in the name of the defaulted borrower wherein you specify that the enclosed funds are to make up all the back payments and thus cure the foreclosure as agreed upon between the borrower and Ms. so and so working on behalf of the lawyer or the bank. #3. Creating a simple letterhead as mentioned in #2 and having the letter signed by the owner should make it appear that the communication is coming from the owner. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I found a pre-sale foreclosure, where the owner filed BK right before the sale, so the sale was rescinded. I cut a deal with the owner, waited the 5 days before signing a deed, and I'm now trying to get a reinstatement amount from the lender, but they have told me to call a law office, who has bounced me around and/or not returned calls. : : 1)Anybody know a good way to get a quick response regarding reinstatement? : : 2)how do I assure myself that the payment I make will in fact reinstate the loan, rather than having the bank just apply it to principal? : : 3) I need to do this under the guise that it's coming from the owner, since I'm taking over their property subject to the existing loan. Any recommendations? : =•=•=•=•=•=•=•=•=•=•= : Rudy, : #1. Call the lender and ask them who in particular in the law office you should be talking to since no one there seems to who you need to deal with. : #2. Create a letterhead in the name of the defaulted borrower wherein you specify that the enclosed funds are to make up all the back payments and thus cure the foreclosure as agreed upon between the borrower and Ms. so and so working on behalf of the lawyer or the bank. : #3. Creating a simple letterhead as mentioned in #2 and having the letter signed by the owner should make it appear that the communication is coming from the owner. 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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