Quote:
Originally Posted by MODE ROGUE
Most of his post (Nietzsche) was indeed accurate. To be very honest, I’m astonished that you have prospects with 3 year old bankruptcies and unpaid judgments receiving financing. You specifically mentioned Nat City & Wells as lenders you work with. I’ve done TONS of business, with both, for many years and have outstanding relationships with my reps there. There is no way on god’s green earth that they would approve the types of loans you have described here. For that matter, I don’t know a single bank in America that would approve those loans.
Who are you getting the approvals from? More than anything, I could use that information to process some files. I genuinely hope you’re not BS’ing…
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The bankruptcy wasn't any of those I mentioned. It was a fly by night. Wells Fargo and National City are doing 95%. I believe they may still be doing 97%, I'll check at the office tomorrow. We've paid off judgments multiple times with Wells Fargo (both Wells Fargo Bank and Wells Fargo Home Mortgage). I can definitely give you details on unpaid judgments approved for financing. We've also not paid off judgments with Wells Fargo since purchase money mortgages take precedent as far as being first lien over existing judgments.
Wells Fargo has VERY lax standards. As a matter of fact, a local credit union and Salin Bank send people directly to Wells Fargo if they deny someone in this town. Here's my email to our underwriter for the only proof I can give you from home. The first message is the reply from the underwriter.:
"Chad, If Nat City was not included in the bankrutpcy or named as a creditor,
then their lien(s) would still survive bankruptcy. I'd like to see the title
commitment. Can you please email it to me? What is the bankruptcy case no.? Is
it the northern district?
________________________________
From: EDITED [mailto:EDITED]
Sent: Mon 10/6/2008 3:13 AM
To: EDITED
Subject: Re: Bankruptcy Question
EDITED,
Have you had a chance to look at this yet? The buyer is anxious on this one.
If you need anything else, please let me know.
Thanks,
Chad
-------------- Original message ----------------------
From: EDITED
EDITED,
This is EDITED from EDITED again. I have a question for you regarding a bankruptcy. We have an order for a sale with a mortgage from an estate to EDITED. This purchase is for $26,500 and the purchasers are getting a purchase money mortgage with GMAC. The EDITED have been previously foreclosed on (see attached) back in 2005. There are two
judgments entered relating to the foreclosure. The foreclosure file is very large because there was a dispute over the sheriffs sale afterwards. The foreclosure attachment sums up what occurred with that.
However, no bankruptcy information was filed in the foreclosure file. We discovered that the EDITED had filed bankruptcy back in March of 2005 through the Pacer Login/Bankruptcy site we are able to access. My question relates to the chain of events:
In February 2005, the foreclosure is filed. In March 2005, the bankruptcy
is filed which does notify National City. The Discharge occurs before the
completion of the foreclosure in July 2005. The foreclosure judgments hit in October 2005 after the discharge. Does the bankruptcy take care of these judgments? We thought the judgments should have been IN REM, but they are not. If you need anything else from the foreclosure file, please let me know. The file is very large due to the
situation dealing with the sheriff's sale after the decree was filed so I was unable to pull everything.
Thanks,
EDITED
"
Again, I can pull over 40 mortgages in the past month that are 97% mortgages.