Okay.
I am going to get a little too personal in this blog. I try to NOT talk about myself here. (There are so many other "things" that are way more interesting then me.)
It's not going to be TMI. Since, I am not a celebrity or even a 'want-to-be,' there will be no naked pictures. (My 60 year old body would break the camera.)
Anyway, I have a bone to pick with a mortgage servicing company.
My wife and I took out an Equity Line of Credit ten years ago just in case there were any exceedingly expensive expenses we may encounter during our home ownership stay.
Now that the initial ten years has passed, and our loan is now a 15/15 loan, we have decided to just pay it off.
But, since I deal with lots and lots of real estate investors -- some that I have talked to offered to buy my loan and then I could pay them off!
Sounds good, right?
Anyway, I know the trick to mortgages and since I did help one client to do just this, they have "owed" me ever since.
You see, I know that the mortgage servicing company that "took over my loan" actually "acquired" my loan from Goldman Sachs "at a very steep discount."
Now, they are trying to convince me to make monthly payments to them for the full loan amount that we currently owe.
So, I said to myself: Self! Since this mortgage servicing company didn't pay full price when they acquired my loan, why don't I just offer them a reduced payoff?. Then, they would just re-convey the loan to me! Since they paid less than half of what I owe to buy my loan, I think it is more than fair that I pay them slightly more than what they paid and we can call it even.
Logical, right?!
The mortgage telephone lady said, "I couldn't do that" because "I owe almost $40,000.00."
I told her to have someone from their company who had the authority to say yes, call me. Once agreed, I would set up a wire transfer between my bank and their bank and we could call it a day.
Hopefully, this works.
I will have to keep you posted. No calls yet...
In the meantime, for more detailed information about Commercial Real Estate...
Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88 AND Follow David on Twitter: @DavidAHowes
I am going to get a little too personal in this blog. I try to NOT talk about myself here. (There are so many other "things" that are way more interesting then me.)
It's not going to be TMI. Since, I am not a celebrity or even a 'want-to-be,' there will be no naked pictures. (My 60 year old body would break the camera.)
Anyway, I have a bone to pick with a mortgage servicing company.
My wife and I took out an Equity Line of Credit ten years ago just in case there were any exceedingly expensive expenses we may encounter during our home ownership stay.
Now that the initial ten years has passed, and our loan is now a 15/15 loan, we have decided to just pay it off.
But, since I deal with lots and lots of real estate investors -- some that I have talked to offered to buy my loan and then I could pay them off!
Sounds good, right?
Anyway, I know the trick to mortgages and since I did help one client to do just this, they have "owed" me ever since.
You see, I know that the mortgage servicing company that "took over my loan" actually "acquired" my loan from Goldman Sachs "at a very steep discount."
Now, they are trying to convince me to make monthly payments to them for the full loan amount that we currently owe.
So, I said to myself: Self! Since this mortgage servicing company didn't pay full price when they acquired my loan, why don't I just offer them a reduced payoff?. Then, they would just re-convey the loan to me! Since they paid less than half of what I owe to buy my loan, I think it is more than fair that I pay them slightly more than what they paid and we can call it even.
Logical, right?!
The mortgage telephone lady said, "I couldn't do that" because "I owe almost $40,000.00."
I told her to have someone from their company who had the authority to say yes, call me. Once agreed, I would set up a wire transfer between my bank and their bank and we could call it a day.
Hopefully, this works.
I will have to keep you posted. No calls yet...
In the meantime, for more detailed information about Commercial Real Estate...
Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88 AND Follow David on Twitter: @DavidAHowes
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