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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: woman crazy... deal Posted by Rick Harmon on August 21, 2003 at 6:00 PM In Reply to: woman crazy... deal posted by g.castro on August 21, 2003 at 5:13 PM : Ward, I bought a property subject to, via a Trust, and everything was going smooth, but after I reinstated the loan, and the deal was done, the Seller, (crazy woman)is threatening me saying that she will tell the bank that there was a sale involved, so that they can foreclose on me, if I don't give her another $10,000. I Told her that she could go ahead and tell them if she wanted to, since I can qualify for a loan anytime of the day. If she calls the bank, and if the bank wants me to pay them off, or to qualify, is the bank required by law to let me know about any possible foreclosure due to violation of the due on sale, and to give me some reasonable time to get approved for a loan? Gus- Thank God for crazy people because they make it possible for us to make a (very good) living! Personally, I'd disregard her threats and try to meet with her when she's calm, if possble. Your job now is NOT to react but to probe to see what her real issue is. Ask open-ended questions and wait patiently for her answers. Don't lead her on. And, don't hint at anything that you might do or won't do, just "hear her out." Most of the time, people just want to vent or feel important. She may have told someone about her deal and they put a bug in her ear, who knows. My thought about her threat is: So what? If the lender discovers the transfer, they probably won't do anything unless they really think you're a worse risk than "Crazy Jane" and, after all, SHE defaulted. To answer your question, if the lender DOES call the loan, you'll get a 30 day warning letter, i.e., "It has come to our attention..." Then get moving on the new loan. Also, the old loan is in HER name, not yours. Tell her that if they foreclose, then she'll have another NOD on HER record (but don't rub her nose into this). We're usually not buying from rocket scientists (although there was that guy last year...but that's another story) Relax. Shop for a backup loan, if you need it. Rick Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, I bought a property subject to, via a Trust, and everything was going smooth, but after I reinstated the loan, and the deal was done, the Seller, (crazy woman)is threatening me saying that she will tell the bank that there was a sale involved, so that they can foreclose on me, if I don't give her another $10,000. I Told her that she could go ahead and tell them if she wanted to, since I can qualify for a loan anytime of the day. If she calls the bank, and if the bank wants me to pay them off, or to qualify, is the bank required by law to let me know about any possible foreclosure due to violation of the due on sale, and to give me some reasonable time to get approved for a loan? : Gus- : Thank God for crazy people because they make it possible for us to make a (very good) living! Personally, I'd disregard her threats and try to meet with her when she's calm, if possble. Your job now is NOT to react but to probe to see what her real issue is. Ask open-ended questions and wait patiently for her answers. Don't lead her on. And, don't hint at anything that you might do or won't do, just "hear her out." Most of the time, people just want to vent or feel important. She may have told someone about her deal and they put a bug in her ear, who knows. : My thought about her threat is: So what? If the lender discovers the transfer, they probably won't do anything unless they really think you're a worse risk than "Crazy Jane" and, after all, SHE defaulted. To answer your question, if the lender DOES call the loan, you'll get a 30 day warning letter, i.e., "It has come to our attention..." Then get moving on the new loan. Also, the old loan is in HER name, not yours. Tell her that if they foreclose, then she'll have another NOD on HER record (but don't rub her nose into this). We're usually not buying from rocket scientists (although there was that guy last year...but that's another story) : Relax. Shop for a backup loan, if you need it. : Rick 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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