How to find their lender?

[CA renter]

[quote=ucodegen]Cant use the having ‘no equity’ as a reason. Who values it as having no equity? If the ‘homeowner’ is current on the loan, the loan is in arrears and revealing home sale info potentially reveals a persons credit state. The real qualification should be that if the ‘homeowner’ wants to do a short sale, the bank has to be ‘at the table’. This is because the ‘homeowner’ is asking the bank to take a loss on a secured loan. The real problem is that the lenders are not handling it well. They have the ability to force the short sale to go the way they want. The lenders can require the ability to discuss the property with potential bidders outside of the ‘sort sellers broker’, otherwise all short sale offers brought to them will be refused (Just make it a matter of the lenders policy on short sales).[/quote]

Yes, you are correct. I was referring to situations where the lender would take a loss. If the “owner” wants to bring money to the table to pay off the loan in full, they should certainly have control over the transaction.

Thank you for clarifying that for me.

[SD Realtor]

Just to clarify…

As long as the homeowner owns the property the lender or loan servicer CANNOT discuss anything with anyone else without third party authorization. It doesn’t matter if the home is in foreclosure or not. It can be the day BEFORE the trustee sale, it still cannot be done.

Think about it, your lender could discuss your loan with anyone at anytime for any reason otherwise. The reasons posted above make sense but there are a hell of alot of other more reasons not to let lenders discuss loans with third parties. Don’t just blame the lenders either, the govt has added bundles of regulatory issues that the lenders are going along with.

So yes while complaining that the lenders not working with interested parties directly for short sales makes sense, not allowing the lenders to discuss personal loans with anyone makes more sense.

You guys want the home? Go knock on the homeowners door and try to work a deal with them or convince them to give you 3rd party authorization to go to the lender. Even then, the lender will not “work with you” directly. The short sale fraud rules are such that the home will need to be sold as an arms length transaction and will require a realtor and will require the standard path through the short sale process conduction by the lender or servicer.

Nothing is preventing you from doing that. The system stinks now but if you think it is going to change you are dead wrong. Once more we come full circle to be proactive and try to work with the rules in place rather then wish for something that obviously will not happen such as rules that make sense or will work in favor for the common person to buy a home.

**************

Now once the trustee sale has occurred and the deed reverts back to the beneficiary then they can do whatever they want with the home. The fact that they do not deal with sellers is a drag but again, they avoid SUBSTANTIAL legal issues by NOT dealing with consumers. Maybe they do bulk deals but they liquidate properties in the way that MITIGATES RISK for them.

[SD Realtor]

Just to clarify…

As long as the homeowner owns the property the lender or loan servicer CANNOT discuss anything with anyone else without third party authorization. It doesn’t matter if the home is in foreclosure or not. It can be the day BEFORE the trustee sale, it still cannot be done.

Think about it, your lender could discuss your loan with anyone at anytime for any reason otherwise. The reasons posted above make sense but there are a hell of alot of other more reasons not to let lenders discuss loans with third parties. Don’t just blame the lenders either, the govt has added bundles of regulatory issues that the lenders are going along with.

So yes while complaining that the lenders not working with interested parties directly for short sales makes sense, not allowing the lenders to discuss personal loans with anyone makes more sense.

You guys want the home? Go knock on the homeowners door and try to work a deal with them or convince them to give you 3rd party authorization to go to the lender. Even then, the lender will not “work with you” directly. The short sale fraud rules are such that the home will need to be sold as an arms length transaction and will require a realtor and will require the standard path through the short sale process conduction by the lender or servicer.

Nothing is preventing you from doing that. The system stinks now but if you think it is going to change you are dead wrong. Once more we come full circle to be proactive and try to work with the rules in place rather then wish for something that obviously will not happen such as rules that make sense or will work in favor for the common person to buy a home.

**************

Now once the trustee sale has occurred and the deed reverts back to the beneficiary then they can do whatever they want with the home. The fact that they do not deal with sellers is a drag but again, they avoid SUBSTANTIAL legal issues by NOT dealing with consumers. Maybe they do bulk deals but they liquidate properties in the way that MITIGATES RISK for them.

[SD Realtor]

Just to clarify…

As long as the homeowner owns the property the lender or loan servicer CANNOT discuss anything with anyone else without third party authorization. It doesn’t matter if the home is in foreclosure or not. It can be the day BEFORE the trustee sale, it still cannot be done.

Think about it, your lender could discuss your loan with anyone at anytime for any reason otherwise. The reasons posted above make sense but there are a hell of alot of other more reasons not to let lenders discuss loans with third parties. Don’t just blame the lenders either, the govt has added bundles of regulatory issues that the lenders are going along with.

So yes while complaining that the lenders not working with interested parties directly for short sales makes sense, not allowing the lenders to discuss personal loans with anyone makes more sense.

You guys want the home? Go knock on the homeowners door and try to work a deal with them or convince them to give you 3rd party authorization to go to the lender. Even then, the lender will not “work with you” directly. The short sale fraud rules are such that the home will need to be sold as an arms length transaction and will require a realtor and will require the standard path through the short sale process conduction by the lender or servicer.

Nothing is preventing you from doing that. The system stinks now but if you think it is going to change you are dead wrong. Once more we come full circle to be proactive and try to work with the rules in place rather then wish for something that obviously will not happen such as rules that make sense or will work in favor for the common person to buy a home.

**************

Now once the trustee sale has occurred and the deed reverts back to the beneficiary then they can do whatever they want with the home. The fact that they do not deal with sellers is a drag but again, they avoid SUBSTANTIAL legal issues by NOT dealing with consumers. Maybe they do bulk deals but they liquidate properties in the way that MITIGATES RISK for them.

[SD Realtor]

Just to clarify…

As long as the homeowner owns the property the lender or loan servicer CANNOT discuss anything with anyone else without third party authorization. It doesn’t matter if the home is in foreclosure or not. It can be the day BEFORE the trustee sale, it still cannot be done.

Think about it, your lender could discuss your loan with anyone at anytime for any reason otherwise. The reasons posted above make sense but there are a hell of alot of other more reasons not to let lenders discuss loans with third parties. Don’t just blame the lenders either, the govt has added bundles of regulatory issues that the lenders are going along with.

So yes while complaining that the lenders not working with interested parties directly for short sales makes sense, not allowing the lenders to discuss personal loans with anyone makes more sense.

You guys want the home? Go knock on the homeowners door and try to work a deal with them or convince them to give you 3rd party authorization to go to the lender. Even then, the lender will not “work with you” directly. The short sale fraud rules are such that the home will need to be sold as an arms length transaction and will require a realtor and will require the standard path through the short sale process conduction by the lender or servicer.

Nothing is preventing you from doing that. The system stinks now but if you think it is going to change you are dead wrong. Once more we come full circle to be proactive and try to work with the rules in place rather then wish for something that obviously will not happen such as rules that make sense or will work in favor for the common person to buy a home.

**************

Now once the trustee sale has occurred and the deed reverts back to the beneficiary then they can do whatever they want with the home. The fact that they do not deal with sellers is a drag but again, they avoid SUBSTANTIAL legal issues by NOT dealing with consumers. Maybe they do bulk deals but they liquidate properties in the way that MITIGATES RISK for them.

[SD Realtor]

Just to clarify…

As long as the homeowner owns the property the lender or loan servicer CANNOT discuss anything with anyone else without third party authorization. It doesn’t matter if the home is in foreclosure or not. It can be the day BEFORE the trustee sale, it still cannot be done.

Think about it, your lender could discuss your loan with anyone at anytime for any reason otherwise. The reasons posted above make sense but there are a hell of alot of other more reasons not to let lenders discuss loans with third parties. Don’t just blame the lenders either, the govt has added bundles of regulatory issues that the lenders are going along with.

So yes while complaining that the lenders not working with interested parties directly for short sales makes sense, not allowing the lenders to discuss personal loans with anyone makes more sense.

You guys want the home? Go knock on the homeowners door and try to work a deal with them or convince them to give you 3rd party authorization to go to the lender. Even then, the lender will not “work with you” directly. The short sale fraud rules are such that the home will need to be sold as an arms length transaction and will require a realtor and will require the standard path through the short sale process conduction by the lender or servicer.

Nothing is preventing you from doing that. The system stinks now but if you think it is going to change you are dead wrong. Once more we come full circle to be proactive and try to work with the rules in place rather then wish for something that obviously will not happen such as rules that make sense or will work in favor for the common person to buy a home.

**************

Now once the trustee sale has occurred and the deed reverts back to the beneficiary then they can do whatever they want with the home. The fact that they do not deal with sellers is a drag but again, they avoid SUBSTANTIAL legal issues by NOT dealing with consumers. Maybe they do bulk deals but they liquidate properties in the way that MITIGATES RISK for them.

[sdrealtor]

Great post SD R, particularly this part:

“Once more we come full circle to be proactive and try to work with the rules in place rather then wish for something that obviously will not happen such as rules that make sense or will work in favor for the common person to buy a home.”

The game is the game. If you want a home you have to play the game. Sitting on the sidelines wishing for something else is a waste of time IMO. You either play or you dont. There is nothing wrong with deciding not to play but hypothecating ideas that make sense but wont ever happen and getting worked up about them is counter-productive. Sorry..

[sdrealtor]

Great post SD R, particularly this part:

“Once more we come full circle to be proactive and try to work with the rules in place rather then wish for something that obviously will not happen such as rules that make sense or will work in favor for the common person to buy a home.”

The game is the game. If you want a home you have to play the game. Sitting on the sidelines wishing for something else is a waste of time IMO. You either play or you dont. There is nothing wrong with deciding not to play but hypothecating ideas that make sense but wont ever happen and getting worked up about them is counter-productive. Sorry..

[sdrealtor]

Great post SD R, particularly this part:

“Once more we come full circle to be proactive and try to work with the rules in place rather then wish for something that obviously will not happen such as rules that make sense or will work in favor for the common person to buy a home.”

The game is the game. If you want a home you have to play the game. Sitting on the sidelines wishing for something else is a waste of time IMO. You either play or you dont. There is nothing wrong with deciding not to play but hypothecating ideas that make sense but wont ever happen and getting worked up about them is counter-productive. Sorry..

[sdrealtor]

Great post SD R, particularly this part:

“Once more we come full circle to be proactive and try to work with the rules in place rather then wish for something that obviously will not happen such as rules that make sense or will work in favor for the common person to buy a home.”

The game is the game. If you want a home you have to play the game. Sitting on the sidelines wishing for something else is a waste of time IMO. You either play or you dont. There is nothing wrong with deciding not to play but hypothecating ideas that make sense but wont ever happen and getting worked up about them is counter-productive. Sorry..

[sdrealtor]

Great post SD R, particularly this part:

“Once more we come full circle to be proactive and try to work with the rules in place rather then wish for something that obviously will not happen such as rules that make sense or will work in favor for the common person to buy a home.”

The game is the game. If you want a home you have to play the game. Sitting on the sidelines wishing for something else is a waste of time IMO. You either play or you dont. There is nothing wrong with deciding not to play but hypothecating ideas that make sense but wont ever happen and getting worked up about them is counter-productive. Sorry..

[bob2007]

Great and informative thread. I read through all the posts, and sorry if I missed something, but I have a question on the loan amounts.

once you locate the trust deed document on the assessor site there is a cart to buy the docs, but that would get expensive researching a number of houses. Are the documents free to view if you go to the assessor’s office? Is there a better way to find the loan amount?

Thanks

[bob2007]

Great and informative thread. I read through all the posts, and sorry if I missed something, but I have a question on the loan amounts.

once you locate the trust deed document on the assessor site there is a cart to buy the docs, but that would get expensive researching a number of houses. Are the documents free to view if you go to the assessor’s office? Is there a better way to find the loan amount?

Thanks

[bob2007]

Great and informative thread. I read through all the posts, and sorry if I missed something, but I have a question on the loan amounts.

once you locate the trust deed document on the assessor site there is a cart to buy the docs, but that would get expensive researching a number of houses. Are the documents free to view if you go to the assessor’s office? Is there a better way to find the loan amount?

Thanks

[bob2007]

Great and informative thread. I read through all the posts, and sorry if I missed something, but I have a question on the loan amounts.

once you locate the trust deed document on the assessor site there is a cart to buy the docs, but that would get expensive researching a number of houses. Are the documents free to view if you go to the assessor’s office? Is there a better way to find the loan amount?

Thanks

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