Posts Tagged → Tustin homes for sale
How To Verify Information For A Loan In Default
If you’re trying to purchase Tustin homes for sale facing foreclosure, it’s important to verify the loan information for the mortgage in default. You can find details regarding the loan default by requesting the homeowner to obtain a mortgage estoppel letter from the lenders loss-mitigation department. This document will let you know of the loan is DHA, FHA, private, or a conventional loan. You’ll also discover details about the outstanding principal balance, interest rate, how many months remain on the loan, and the total monthly payment. You may also find information concerning accrued interest, late payment charges, legal fees, and what the total outstanding loan payments are so you know how much money is needed to pay off the loan.
By having the homeowner call their lender to request the mortgage estoppel letter, you’ll save valuable time retrieving this information. If the homeowner doesn’t have this information readily available, you can help them get it by contacting the lender directly.
