How to find out lender on a REO property

16 years ago

There is an REO property near us that originally went to auction for 1 mil. The property went back to the lender.

We know there are 2 non-local lenders on the property. How can I find out who the lenders are?

How would you negotiate something like this with the bank. The house needs extensive work. Probably close to 200K in renovations, but is in a great area of 2 mil + homes.

Thanks!

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Comments (4)

sweet_tea
16 years ago
The mortgages should be recorded at the county/city/township where the property is located (whichever entity handles these official records - each area is slightly different).

Normally they are public record.

In many areas, they are available on-online but it some areas you have to go to the admin building and search on-site.

You want to know which is the 1st mortgage versus the second mortgage. Actually, the second lienholder likely lost all interest in the property when it foreclosed(unless they bought it at auction.)
triciae
16 years ago
There is no longer a "lender". A Foreclosure Deed (or similar document, depending on where you live) should be on record...it takes several weeks for them to be recorded in the larger states. That deed will tell you the lender that foreclosed & now owns the property.

/tricia
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becca06
Original Author
16 years ago
"There is no longer a "lender"."

Yes, of course....my mistake.

The Bank of New York now owns the property, which is located in WA state. We called and were told to send an email with information about the property and someone will get back to us within 7 days. The house reverted back to the bank on 12/7.

What should we expect when they call us back? Do we need to have our financing arranged prior to the call? Is 40% of auction price a solid starting place? Does the bank even negotiate price? How long could this process take?

Sorry for all the questions.
bushleague
16 years ago
As mentioned here, the mortgage is recorded at the registry of deeds. Most counties are online and you can read the entire mortgage document, good stuff. The rates people are paying on some ARM's is daunting. I have been to a few auctions, only to find out what I already knew: The property is all paper and in most instances the bank buys it back, so now we have REO. We are compiling a list of banks who will "play", and those who won't, or at least they are not ready yet. BNY will play, as well as Duetch and HSBC. Depending upon the bank, their loss mitigation teams meet and discuss the bottom line for each property. A recent article by Money Central's Liz Pulliam Weston writes "banks are prepared to take 50% of the mortgage amount". Something to keep in your back pocket. Let us know how you make out.

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How to find out lender on a REO property

Comments (4)

sweet_tea

triciae

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becca06
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How to find out lender on a REO property

Comments (4)

sweet_tea

triciae

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becca06Original Author

bushleague

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becca06
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