We all have the horror stories if you have been investing in paper for any period of time.Question / comment today is what is the most $ you have ever spent on a foreclosure?I have one ongoing and it will probably exceed $20k when all is said and done?How about you?

@Chris Seveney if these are low value assets IE you did not pay a ton for the note.. I guess you may want to make a deal instead of wasting time and more money with the process.Even if you just broke even or lost a few grand. cut and run ?? or are you paying so much for these notes that its simply not an option.. this was not a note sale.. but a few years ago I advanced 50k to land owner ( i say land since the houses was bulldozer bait LOL) so i knew i just wanted the lots underneath it.. and she would never close.. so for that amount of money I did go through the court system for specific performance.. that cost me 20k and 2 years.. However big up side build 3 700k houses on it..:) And that seller basically did not defend herself she just ghosted.. I can assume if it was a full blown donny brook 50k would have been easily spent.But when I did a bunch of foreclosing s back ibn 09 through 2011.. easy trust deed states like MS were 800 to 1200 and done in 90 days or less.. mortgage states 9 months to a year and 2 to 4k. like everyone else..

@Jay HinrichsI am one who will cut bait and take a loss if it’s my best option. I don’t chase good money after bad. It depends on the scenario and if property has equity etc. I had a deal that was not a FC that was a disaster (4’ water in basement and house filled with mold). I could of renovated it and possibly made some $ but time and effort and risk involved was not worth it so I sold it and took my losses. I am one who doesn’t only look at the bottom line but run sensitivity analysis and effort required to get to a specific return. Losing $ on a deal doesn’t scare me and I won’t go through paralysis on trying to get out of it. Word of advice to people is to look st the big picture

About $15k for a long drawn out contested FC, in FL, IL NJ & NY.I've been sued a few times; any where from $20k to $60k. Not fun.

@Andy Mirza / yes I spoke to two other attorneys and they mentioned it was too far along.

Chris, why haven't you transferred your two FL files to a better attorney? Are you too far along in the process?

@Chris Seveney for the one you're looking at 20k what's the FMV on the property?

@Chris Seveney, @Bob Malecki & @Don Konipol: Thanks... I think we're pretty close (other than TX which looks real appealing). We target midwest states for the most part and don't invest in long judicial states like NJ or NY. We also budget servicing, taxes, insurance, etc. as a separate line items.

@Bryan HartlenDepends on the state. I have two in Florida right now with an attorney who I would give a 1 on a 1-10 scale and I am at about $7k for each one.Other states it can be $3-5k. Really depends on each state and what you need to factor in also is length of time to FC because 12 months vs 6 months is an extra 6 mos of servicing, FPI, taxes etc..

I usually budget $5K for nonjudicial and most judicial, which also provides holding costs for servicing & FP insurance. In long judicial states like NJ I would budget more like $10K

What’s the highest foreclosure cost you have had?What’s the highest foreclosure cost you have had?

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