[WSBARP] 3rd Party Mortgage Cure?

[Kary Krismer]

I had a listing a couple years ago where getting a payoff out of the 
bank was extremely difficult because my client had foreclosed out the 
borrower.  Being the owner of the property was not good enough for the 
bank to give that information out, even though we were under contract.  
I finally located someone at the bank high enough up to put pressure on 
the payoff department to act.  I don't think I would have succeeded if I 
had not represented the owner (e.g. represented a third party).

I'm not sure the NTS will give you the information you need due to 
subsequent charges and fees.  But you could overpay to be on the safe 
side.  Overpaying may not matter in the long run, which leads to the 
next point.

I'd be worried about this being a recurring problem.  If the client 
cannot just pay off the mortgage such as perhaps buying at foreclosure, 
they could be just throwing money away if the payment issues cannot be 
resolved.  If there's not a long term plan I would advise against the 
initial cure.

Kary L. Krismer
John L. Scott, Inc.
206 723-2148

On 6/14/2020 2:15 PM, Erik Marks wrote:
>
> 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 
> 3^rd 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_
>
>
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