Mortgage balance calculator in foreclosures Auctions

By
Real Estate Broker/Owner with Texas Five Star Realty, Plano Texas

Mortgage balance calculator in foreclosures Auctions

Mortgage Balance Estimator:
Have you ever wondered approximately how much is the outstanding loan balance in the house you are Interested in to purchase? This information is only available to the homeowner and it is not is public database.   

This information is only available to the homeowner and it is not is public database. This information is very useful if you plan to purchase a foreclosure property at the court step, where there is no such a data available in the Deed of Trust Notice and you need to have some idea of how much is Bank hopes to get from the foreclosure.

I have developed a tool (calculator) which allows you to determine estimated outstanding mortgage balance on a property with different sets of input data and assumptions. Please feel free to use it.       http://www.texasfivestarrealty.com/Foreclosure_Balance_Calculator.asp

This program assumes, on average, the time from first late payment to the date which foreclosure happens at court step to be 6 months which is reasonable time in state of Texas. For more information about the foreclosure process and timelines in state of Texas please visit    http://www.texasfivestarrealty.com/Foreclosure_Process_in_Texas.asp.

As input, you need to have the following information that most of them are available in the Trustee Notice:
 

Purchase Data Sheet

You have entered the following Data

Purchase Information:

 
Purchase Date

Original Loan Balance at Purchase Date

$

Down Payment %

%

Annual Interest Rate

%

Term (years)

Years

Foreclosure Date
Annual Property Tax Rate per $100 (as % of Assessed Value) %
Annual Property Insurance Cost $
Monthly Home Owner Association Fee $

 

<!-- End of Input Data -->

As output, you get the following information and estimate of total balance including back payments, late fees, attorney cost, etc

Estimate unpaid Balance at Foreclosure Time
including Unpaid Mortgage + Property TAX + MIP+ HOA+ Attorney Fee + Closing Cost (Purchased before 4/1/2012):

Input Data Purchase Date of the Property After 4/9/2012 Before 4/9/2012
Purchase Price=$207,253.89 Monthly Mortgage Payment (Principal + Interest) $1,013.37 $1,013.37
Monthly Property Tax $377.94 $377.94
Down Payment= 3.50 %
$7,253.89
Monthly Property Hazard Insurance $ 83.33 $ 83.33
Monthly FHA UFMIP, If Rolled into Mortgage $17.73 $10.13
Terms (No. of Years)= 30 Monthly FHA MIP $208.33 (1.25) % $191.67 (1.15) %
Annual Interest Rates= 4.500 % Monthly HOA $75 $75
Estimated Total Monthly Payment   $ 1,775.71 $ 1,751.45
Assume Last Payment Made 6 Months prior Unpaid Mortgage Balance as of 8/21/2012 5:24:03 PM $ 171,499 $ 171,499
  Back Payments with Late fees, Ints. as of 2/17/2013 5:24:03 PM $ 11,186.97 $ 11,034.14
  Attorney fees, Court Cost, ect as of 2/17/2013 5:24:03 PM $ 1000 $ 1000

Estimated Total Balance at Foreclosure Including Back Payments, Late Fees,

Attorney fees, Court Cost, ect as of 2/17/2013 5:24:03 PM $ 183,685.00

$ 183,533.00

 

Mortgage Balance Estimator: Mortgage Balance Calculatot at Auctions foreclosure
Click on the link below to determine estimated outstanding mortgage balance on a property with different sets of data and assumptions.

 http://www.texasfivestarrealty.com/Foreclosure_Balance_Calculator.asp

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Bahman Davani, CM Broker/REALTOR at Texas Five Star Realty, Plano, TX (214) 457-7055

Homes for Sale in Plano, Frisco, Prosper, Allen TX
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