OfflineI have a house directly across the street from me that the homeowner has abandoned. I spoke to her yesterday and she is in full agreement on letting me take over the house. She signed the ARI form and I have faxed in into the bank.
Now what do I do? This is the first time I have done this. What do I do next?
Gene.
__________________
"It's not what happens to you that determines how far you will go in life,
it is how you handle what happens to you.
Zig Zigler
The bank should give you all info on loan. Past due amount,pay off, etc. Is this a pre forclosure? reo?
If you can get a limited POA (power of attorney) from the owner to cover any/all matters involved on property, you'll be able to sign their name on only matters of said property and sell/assign, etc.
Even though the owner is in full agreement for you to take over the house, the lender may not feel the same way.
Why did the owner abandon the house?
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Why did the owner abandon the house? Well she lost her job about 7 months ago and has still not be able to secure a new job. She was studying to be an RN and she is thinking of dropping out of that too.
I think she is taking the easy road because her grand parents have let her move in with them, (big mistake I think). But she has a 2 year old also and she just making poor decisions right now.
I've been encouraging her that if she is going to live with grand parent to finish her schooling then try to find a part time job to cover her basic expenses, but finish because right now the medical profession is booming. I feel that she can land a decent job once she graduates from RN school.
Gene.
"It's not what happens to you that determines how far you will go in life,
it is how you handle what happens to you.
Zig Zigler
I do have one question...What is an ARI?
Thank you
~ What you get by achieving your goals is not as important as what you become by achieving your goals. ~ Zig Zigler
~ You have to set goals that are almost out of reach. If you set a goal that is attainable without much work or thought, you are stuck with something below your true talent and potential.~ Steve Garvey
~ I am strong, vigorous, and very courageous. I am not afraid neither am I dismayed, for the Lord my God is with me wherever I go. Joshua 1:9
An "ARI" is an Authorization to Release information form. You need to have that signed so that you can fax it into the bank so that they will talk to you about the particular account.
By the welcome!
Gene.
"It's not what happens to you that determines how far you will go in life,
it is how you handle what happens to you.
Zig Zigler
but where do I get an ARI form? I can't find one in this website. Thank you!
~ What you get by achieving your goals is not as important as what you become by achieving your goals. ~ Zig Zigler
~ You have to set goals that are almost out of reach. If you set a goal that is attainable without much work or thought, you are stuck with something below your true talent and potential.~ Steve Garvey
~ I am strong, vigorous, and very courageous. I am not afraid neither am I dismayed, for the Lord my God is with me wherever I go. Joshua 1:9
after you get the info from lender, you can ask if you make up the back payments, will they reinstate the loan,if so, make a change of address on the statements to come to your address and have the owner sign a contract over to you. THEN you can control property
You are then basically doing a sub to deal and getting the equity if any and you could/should be nice and pay the owner something to help her out.
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
I finally was able to contact the bank. What they told me was that the house was in foreclosure and that it was assigned to their attorney. The lady did tell me that if the home owner was to apply for a new loan modification that they would stop the foreclosure at least during the process.
Would it be advantageous to try to do another loan modification for her being that the last one only lasted 3 months?
"It's not what happens to you that determines how far you will go in life,
it is how you handle what happens to you.
Zig Zigler