I am following my first transaction.? I went to the auction two days ago.
?
The second (a bank who is generally not a residential lender) foreclosed and at the Trustee Sale the home went back to the beneficiary (the bank with the second).?
I phoned and spoke with the asset manager at the bank which now owns the property and we are discussing a purchase.? He acknowledges the first exists.? First appears to be?WAMU.
How do I get information about how much WAMU is owed on the first?
I am going to the county recorder’s office this morning to request a copy of the 29 page WAMU Trust Deed.
Oh by the way $20,000 in delinquent and current year property taxes are due.
I sure am learning a lot.
Way to dive in Jim! Buying a second is a bit more advanced. First thing you want to do is estimate the balance after reviewing the loan terms on the deed of trust. Assume they’ve been missing payments on he first at least as long as the second (maybe not, but better to over estimate the balance then under).
?
if it still seems worth puruing, try to get your local title company to submit a demand letter for you. Lenders typically require borrower authorization, but generally I find they’ll respond to a title co’s request. If that doesn’t work, then ask the purchaser of the second to make the request - they certainly have a legal right to that information (the first may require a copy of the trustees deed).
?
I’ve also had some luck contacting the prior owner and giving them a few bucks to call the lender for a pay off with me. It may help to let them know it is in their best interest to see the loan repaid rather than have 2 completed foreclosures on their record.