Foreclosure FROZEN ???

[The Fulmers]

South Carolina: A little background info: We have talked to lawyers about the foreclosure and they all say not to pay the owner anymore that we should move out. We can not afford to hire an attorney (cheapest found being $2500), and they don't give out to much info for free. Due to personal reasons credit is not that great so we are purchasing this house with owner financing. The deed and agreement was for 10 years at $404 a month and his payment to the mortgage company was $208 a month. The owner has not made a payment since Oct. 2003. Now he claims the mortgage company has agreed to freeze the foreclosure if he will pay $300 a month for the next 6 months. The thing is he wants me to begin house payments again. Personaly I dont think I should help him make his back payments, also if he doesn't make one of these payments then I am out MORE money and will loose the house anyway. When I do the math on this matter he owes $3300 (including the 6 months) how is paying back $1800 gonna catch him up. I told him that I wanted the mortgage company to send me a letter on their letter head with a phone number telling me about the agreement so I can reach them. He told me that they will not discuss the loan with me because my name is not on it, but that he will send me a copy of the letter. My thing is has anyone heard of a mortgage company doing this, and legally do I have to make my payments again if the company is gonna do this for him ? I don't feel that his neglect in not making his payments should be put on me. Can I make him make the payments first then if he makes good then I go back to making the payments again ? Also, he wants $300 by the end of the month and another $300 a week after that.

By the way AFFI of service is not some armenian singing group HA HA.

 

[HomeGuru]

South Carolina: A little background info: We have talked to lawyers about the foreclosure and they all say not to pay the owner anymore that we should move out. We can not afford to hire an attorney (cheapest found being $2500), and they don't give out to much info for free. Due to personal reasons credit is not that great so we are purchasing this house with owner financing. The deed and agreement was for 10 years at $404 a month and his payment to the mortgage company was $208 a month. The owner has not made a payment since Oct. 2003. Now he claims the mortgage company has agreed to freeze the foreclosure if he will pay $300 a month for the next 6 months. The thing is he wants me to begin house payments again. Personaly I dont think I should help him make his back payments, also if he doesn't make one of these payments then I am out MORE money and will loose the house anyway. When I do the math on this matter he owes $3300 (including the 6 months) how is paying back $1800 gonna catch him up. I told him that I wanted the mortgage company to send me a letter on their letter head with a phone number telling me about the agreement so I can reach them. He told me that they will not discuss the loan with me because my name is not on it, but that he will send me a copy of the letter. My thing is has anyone heard of a mortgage company doing this, and legally do I have to make my payments again if the company is gonna do this for him ? I don't feel that his neglect in not making his payments should be put on me. Can I make him make the payments first then if he makes good then I go back to making the payments again ? Also, he wants $300 by the end of the month and another $300 a week after that.

By the way AFFI of service is not some armenian singing group HA HA.

**A: Please post to your initial thread by using the post reply feature.
Do start start a new thread.

 

[BriantheBanker]

talk to company

request (he) allow you to talk with (his) mortgage personally. You need to determine the true status of the mortgage.

BriantheBanker

 

[The Fulmers]

When i asked for a letter from the mortgage company i explained to him i wanted the phone number too. He told me that because the loan is not in my name that they would not give me any information.

 

[BriantheBanker]

Authorization to Release Information

You need to have LC holder (or whatever you are calling (him)) Authorize you to talk with mort co. about account. A verbal works if you only need to call once (conferce calling is recommended).
If you want the ability to call multiple times, you need to fax a written 'authorization to release' to the mortgage co., signed by LC Holder.
Obtaining information as a third party is becoming increasingly tougher because of Privacy Laws.
It sounds like LC Holder may have some extended knowledge about mortgages. Don't let him fast talk or deny you anything.
Demand an authorization and phone number. You deserve to know the status of the mortgage.

Good luck,

BriantheBanker

 

[The Fulmers]

Thanks Brian, I have talked to the owner and he said the mort. comp. was sending him a letter stating the agreement. The owner also said that he would let me talk to them with him present. Hypothetically if this is all true and just say he misses 1 payment the mort. comp. is gonna go thru with the foreclosure no "if's, and's, or but's" correct? Then legally can I tell the owner that he should make the payments and once he has satisfied the mort. companys' request I start making my house payments again???