[WSBARP] 3rd Party Mortgage Cure?

[Joseph McIntosh]

The lender will accept a default cure check from anyone, doesn’t have to be the customer.

I would get bank statements from the brother, if possible.

You might find it difficult to get statements directly from the bank if your client is not their customer, and equally difficult to substitute yourself for the customer without the customer’s approval and an assumption application.

If the property is in foreclosure, this cure / payoff information can probably be obtained from the trustee that intends to auction the property.  The trustee and their contact information should be searchable in the county’s records, but sounds like you may have that info already.

From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Erik Marks
Sent: Sunday, June 14, 2020 2:23 PM
To: wsbarp at lists.wsbarppt.com
Subject: [WSBARP] 3rd Party Mortgage Cure?

Client's brother owns home with one mortgage on it, LTV of about 25%.  Clearly there is significant equity.   Client recently found out the mortgage is in foreclosure, with the sale date in late July.  Client does not know why brother is neither paying mortgage, nor dealing with the foreclosure process; he does not talk about it.  Mental health issues are suspect, but those cannot be solved in time to stop the sale.

Client wants to find out cost to cure, and pay it.  And thereafter make ordinary monthly payments on the loan, until she can help her brother get things sorted out.

The challenge is that client is not the borrower, and borrower has not asked/authorized lender to work with client.  So, my question to the group is: do you think the lender (US Bank) will cooperate to allow a 3rd Party to cure the mortgage default?  And any suggestions how to get in contact with US Bank to discuss, other than calling in through the 1-800 front door phone lines?

Thank you for any insights you may have.

--
Erik G Marks
Attorney at Law
2255 Harbor Ave SW
Suite 203
Seattle, WA 98126

office: 206-264-4598
cell: 206-612-8653

erik at egmrealestate.com<mailto:erik at egmrealestate.com>

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