Property Q&A in San Mateo>Question Details

Ruthie Pioqu…, Home Buyer in San Mateo, CA

What does it mean when stated, "estimated loan balance" ?

Asked by Ruthie Pioquinto, San Mateo, CA Sat Jan 2, 2010

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"estimated" is used since the amount due changes every day and since lender is not sure exactly what day foreclosure sale will occue, the outstanding loan balance changes every day and therefore the number published in the paper or on Trulia is "estimate" only.
buying property at a foreclosure sale is not for "rookies"!
you need to pay CASH at the time of sale
you may not get a chance to inspect property before the trustee foreclosure sale.
you will be competing against people who do this (buy foreclosures at trustee sale) for a living.
be careful!
there are plenty of foreclosure REOs that you can buy on the mls - properties you can inspect and make offers with contingencies.
1 vote Thank Flag Link Sun Jan 3, 2010
Estimate means just that....they are estimating what the loan balance may can vary for many
.. reasons.....based on the type of loan you have etc..i would go to the source of the "estimated loan
balance" information that you received and question them more closely about the figures.
0 votes Thank Flag Link Sun Jan 3, 2010
This is the balance owed based on total loans, late fees, administration fees, etc. This payoff amount will increase on a daily basis until a payment is made, assuming this property is in default. There may be some other fees associated when the final payoff is requested by the title company.
0 votes Thank Flag Link Sat Jan 2, 2010
Estimated balance is the principal plus interest and late charges, and if in default may include fees.
Web Reference:
0 votes Thank Flag Link Sat Jan 2, 2010
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