Re: Amount Remaining on Loan

Posted by OC Andy on September 19, 2007 at 16:46:44:

In Reply to: Amount Remaining on Loan posted by Jessica on September 19, 2007 at 16:35:20:

Jessica:

Not without having an actual mortgage account statement or a demand statement.

However, doing a public records search you could find out what amt. the borrower initially borrowed. That plus the date that the loan docs were recorded you could guesstimate a rate based on the prevailing rates at that time and back into a payment.

Amortize the loan out and reduce the principal balance by how long they have been paying on the loan. This should give you a ballpark for the principal balance.

Now for the tricky part - you will have to figure how many payments they have missed and add that back to the principal balance plus attorneys fees, interest, etc.

A simpler solution is just to look at the NOD in Non-Judicial states or the Foreclosure filing in Judicial foreclosure states, It will state the amount exactly.


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