Our renter is saying that people representing our mortgage company is sending people to our home about once a month saying that we are in foreclousre?

Asked by dabrewer, Black Hawk, CO Thu Feb 14, 2013

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10
Robert Boern…, Agent, El Cajon, CA
Thu Feb 14, 2013
Banks do make property inspections when they suspect the collateral for their loan (the house) is abandoned or being damaged. When I have seen this, the inspector always leaves a notice on the property. You might call the police department and see if this activity has been reported before. They might be interested if your tenant can get a license plate number or other info.
2 votes
Caroltrulia, Renter, United Neighbors Together, Rochester, NY
Thu Jun 20, 2013
Hi dabrewer

A reverse mortgage is a special loan for senior homeowners 62 years of age and older. Like a normal or forward mortgage it is ONLY a lien on the property. This loan allows the senior homeowner to tap their equity, but unlike a forward mortgage, there is no monthly repayment required. Repayment comes when the home is no longer the primary residence of the senior borrower or their spouse.

http://www.reversemortgagelendersdirect.com/how-does-a-rever…
http://www.reversemortgagelendersdirect.com/reverse-mortgage…
http://www.reversemortgagelendersdirect.com/reverse-mortgage…
http://www.reversemortgagelendersdirect.com/reverse-mortgage-loan/
1 vote
Kevin Sander…, Agent, San Diego, CA
Thu Feb 14, 2013
Could be a scam, could be just a misake in their paperwork.
Either way, definitely instruct the tenant to not let them in and for the tenant to ask for the persons contact and company information.
It is more common than people realize that banks have inaccurate records and make mistakes like this. There have been a few instances where innocent people have been foreclosed on because of these mistakes even though they never missed a payment. Of course, the lender eventually had to reverse the foreclosure, but scary stuff!

Kevin Sanderlin
Keller Williams Realty
Cell 858-212-4702
kevinsanderlin@gmail.com
1 vote
Shannon Ande…, Agent, San Diego, CA
Thu Feb 14, 2013
I just had a client go through the same thing....there was a typo and somehow the notice of default was filed on the right property but it was input with the wrong address on the public records, so she was getting calls and letters from people wanting to sell her home. So on all the sites, foreclosure radar, etc it showed in default. Just check recorded records to be sure. It is public, but your beat bet would be to have someone call a title company and make sure that the actual notice is filed against the correct property and loan. It is not to hard to do. If the property is in San Diego let me know and we can check it out very quickly.
1 vote
Patti Adams, Agent, San Diego, CA
Thu Feb 14, 2013
and, are you saying you are not in foreclosure? If not, make sure the tenants get business cards and contact info next time someone stops by. Then follow up with your mortgage holder and make sure you are current and find out why they are sending folks out.

If you would like to talk one to one about this feel free to give me a call
1 vote
Robert Boern…, Agent, El Cajon, CA
Thu Feb 14, 2013
Assuming the property is in San Diego County, I would suggest you go to the county's webpage and see if a recent Notice of Default has been filed.

http://arcc.co.san-diego.ca.us/services/grantorgrantee/search.aspx

(Make sure you search by the name that is on your Deed of Trust/mortgage document).

A call to your mortgage company would be worthwhile too.
1 vote
Michele Kole, , San Diego County, CA
Thu Feb 14, 2013
In answer to your question about lenders checking the occupancy; it is a relatively new policy. It is happening due to individuals taking out an "owner occupied" loan which is a better interest rate than loans for investment property. Then they rent the property instead of moving in.

What they don't realize is that lenders check the occupancy and can call the loan due for loan fraud. It doesn't sound like this in any way applies to your case; and more likely it may be a new policy of lenders in your area possibly making sure that all rental properties are occupied. Lenders want to make sure that properties they have loans on are not abandoned as many were during the mortgage meltdown.

Loans on investment property are considered by lenders to be riskier and deserving of higher interest rates than those on owner occupied property. A lot of this is due to the mortgage climate and because it is easier to walk away from a rental property than your own home when it becomes tough to make the payment. Like if you lose your renter and can't get another tenant quickly.

In your particular case it sounded very odd that they would not provide your tenants with ID and a business card. Like some of the others that answered your questions, I agree that it also is possible that your home mistakenly ended up on the foreclosure list and those that showed up were potential buyers if the bank took the property back.

If you have any questions regarding the lending industry I would be happy to shed some light on your concerns.

Michele Kole
Loan Officer and Reverse Mortgage Specialist
Land Home Financial/Golden Equity Reverse
NMLS#248631
mkole@lhfinancial.com
Cell: 858-344-5998
0 votes
dabrewer, Home Owner, Black Hawk, CO
Thu Feb 14, 2013
So we just got the number from tenant. It was a handwritten "BOA" with 1800 number and seemed very strange when looking at the image of this.

We called BOA(the number listed) a second time...they said we are indeed in good standing and that they are now required to visit the property 4x per year to check occupancy? Is this some sort of modern policy in regards to mortgage climate? Seems excessive, when tenant claims 3 visits in past 3 months.

This still does not explain the issues of representative not giving ID, creating some element of fear with the tenant and not contacting us directly prior or after each visit. Again, this is a rural mountain property, last house on a dead end road with over protective dogs, tenants and neighbors. It would be common sense for any "official" or "visitor" to make it known what their intentions are prior or immediately upon arrival.

I guess the good thing is that it is not someone 'casing' the house....which we feared the most.
0 votes
dabrewer, Home Owner, Black Hawk, CO
Thu Feb 14, 2013
we called the mortgage company we are in good standing, they have not sent anybody to the property. Thanks for the suggestion for calling the county offices Robert. Thanks too Patti

we are in rural Colorado actually
0 votes
dabrewer, Home Owner, Black Hawk, CO
Thu Feb 14, 2013
yes we are far from foreclosure. we asked the tenant to get cards, the people claim that they cannot share their information(cards or ID) or talk to the renter about the situation. the supposedly gave the renter a phone number which we have yet to recieve. We are concerned about possible criminal activity wether it is a scam or burgarly related.
0 votes
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