InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Figuring unpaid balance for a senior lien.. Posted by Ward-CA- on April 30, 2003 at 8:08 AM In Reply to: foreclosure posted by Wm. Moore on April 30, 2003 at 3:10 AM : Good morning, : I am looking at properties in Pennsylvania. I know how to search courthouse records and I know the lien priority rules for my state. : Most of the properties that show up on the sheriff's sale list never make it to sale day,often because the property owner files bankrupcy or get some kind of extension or workout with the lender. : Also, I see properties where the foreclosure is on a junior mortgage, but I have no way of knowing just from the courthouse records what the current balance due is on the senior mortgage. When I have called lenders in the past to help a friend with a problem with their own mortgage, I have had to go through hoops to show that they were authorized to release information to me. : So my question is, in a foreclosure situation, does the lender ease up on its confidentiality requirements (perhaps because now they are in an adversary relationship with property owner, trying to collect their money) and give out information such as 1) the expected upset price, 2) any info on bankruptcy filing, and 3) balances on senion mortgages. =•=•=•=•=•=•=•=•=•=•= William, Well, I don’t think the federal law concerning the right to privacy, circa 1973, makes any allowances for creditors—letting them violate the law during different phases of processing a foreclosure. And frankly I don’t see it happening out here in CA. 1). So no, lenders aren’t getting chummier with us towards the end of a foreclosure. What they do tell one and all is the amount of their opening bid when they have it calculated. 2). You can get all the info you want on anyone’s bankruptcy involvement by using PACER. See link below. 3). It’s relatively easy to calculate the current balance of a delinquent senior loan. All you need is an amortizing calculator like the Hewlett-Packard 12-C calculator and the date of delinquency on the loan. Use the interest rate existing at time of the mortgage was recorded(see chart on this website) and assume an original term of 30 years. Hope this helps. PACER SERVICE CENTER Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Good morning, : : I am looking at properties in Pennsylvania. I know how to search courthouse records and I know the lien priority rules for my state. : : Most of the properties that show up on the sheriff's sale list never make it to sale day,often because the property owner files bankrupcy or get some kind of extension or workout with the lender. : : Also, I see properties where the foreclosure is on a junior mortgage, but I have no way of knowing just from the courthouse records what the current balance due is on the senior mortgage. When I have called lenders in the past to help a friend with a problem with their own mortgage, I have had to go through hoops to show that they were authorized to release information to me. : : So my question is, in a foreclosure situation, does the lender ease up on its confidentiality requirements (perhaps because now they are in an adversary relationship with property owner, trying to collect their money) and give out information such as 1) the expected upset price, 2) any info on bankruptcy filing, and 3) balances on senion mortgages. : =•=•=•=•=•=•=•=•=•=•= : William, : Well, I don’t think the federal law concerning the right to privacy, circa 1973, makes any allowances for creditors—letting them violate the law during different phases of processing a foreclosure. And frankly I don’t see it happening out here in CA. : 1). So no, lenders aren’t getting chummier with us towards the end of a foreclosure. What they do tell one and all is the amount of their opening bid when they have it calculated. : 2). You can get all the info you want on anyone’s bankruptcy involvement by using PACER. See link below. : 3). It’s relatively easy to calculate the current balance of a delinquent senior loan. All you need is an amortizing calculator like the Hewlett-Packard 12-C calculator and the date of delinquency on the loan. Use the interest rate existing at time of the mortgage was recorded(see chart on this website) and assume an original term of 30 years. : Hope this helps. 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455