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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Pay off now, not later... Posted by Ward-CA- on September 15, 2003 at 6:44 AM In Reply to: Agreement 3 days before trustee sale posted by polarisis on September 15, 2003 at 5:41 AM : Hi all. : I have property going to trustee sale this Thursday and have managed to reach an agreement to have it purchased from the sellers directly. I'd like to present the lender with the following this morning: : 1. Copy of Purchase and sales agreement : 2. My proof of funds : I'm not asking for a short sale. My deal has both the lender getting paid off. (I've based my number on the opening bid)as well as the sellers receiving some cash. I would just need to have the sale postponed. : Also, I would assume I would start an escrow and have my lender fund as soon as possible. : Any advice on getting the lender to agree to postpone? I'll be speaking with them (the trustee) this morning. : Thanks! ================= There are daily charges associated with a mortgage. Thus the payoff of a mortgage will vary from day to day. So though you might have precisely what the lender is owed today your won't tomorrow or the next day. Since you're expecting to get a loan to pay off the foreclosing lender in the indefinite future, don't be surprised if the lender turns you down in favor of a known payoff in just 3 days. My advice is to try to arrange it so you pay off the lender now, not later. Follow Ups: Re: Pay off now, not later... polarisis 6:57 AM, 09/15/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Hi all. : : I have property going to trustee sale this Thursday and have managed to reach an agreement to have it purchased from the sellers directly. I'd like to present the lender with the following this morning: : : 1. Copy of Purchase and sales agreement : : 2. My proof of funds : : I'm not asking for a short sale. My deal has both the lender getting paid off. (I've based my number on the opening bid)as well as the sellers receiving some cash. I would just need to have the sale postponed. : : Also, I would assume I would start an escrow and have my lender fund as soon as possible. : : Any advice on getting the lender to agree to postpone? I'll be speaking with them (the trustee) this morning. : : Thanks! : ================= : There are daily charges associated with a mortgage. Thus the payoff of a mortgage will vary from day to day. So though you might have precisely what the lender is owed today your won't tomorrow or the next day. : Since you're expecting to get a loan to pay off the foreclosing lender in the indefinite future, don't be surprised if the lender turns you down in favor of a known payoff in just 3 days. : My advice is to try to arrange it so you pay off the lender now, not later. 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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