NPN Story: Worst House on the Block in North Carolina
Thursday, February 20
Durham, North Carolina When we first looked into this non performing note in Durham, North Carolina, we knew it would be a good one for our portfolio. It was a vacant house that was the “worst” one on the block in a really nice neighborhood. Familiar with the upset bidding process in North Caroli...
A Creditor's Chapter 13 Bankruptcy Checklist
Tuesday, February 11
Over the last few years, I’ve seen more and more Chapter 13 Bankruptcy filings by borrowers on the eve of foreclosure sales. As a lender, it’s frustrating to have your sale postponed and the foreclosure process thwarted by someone who hasn’t made a payment in months or years. I have no problem w...
10 Years Delinquent, Story 1: Condo Homerun!
Tuesday, January 14
One of my favorite things to do when talking to someone about what I do for a living is casually dropping the fact that a borrower hasn’t made a payment on their mortgage for ten years. A few months ago, I did this with a car salesman (really nice guy) who sold me my last car. He stopped to look...
NPN Story: Nice Little Condo
Tuesday, December 03
Condominiums can be tricky things and require a knowledge of what makes them different from detached single-family homes. The condo backing this non-performing note had a few things against it that prevented us from selling it as REO as quickly as possible. It turned out to be a solid deal but t...
NPN Story: Good 'Ol Enid, OK
Monday, November 18
One of the first things we do when evaluating loans is to get a good look at the property that serves as the underlying collateral. The property for this note intrigued us as it was an old parcel with an old home right next to a tract with newer, expensive mansions, right across from a golf cou...
5 Reasons Why Judicial Foreclosures Take So Long
Tuesday, October 29
A lot of note investors will only buy non-performing notes in non-judicial foreclosure states. I assume that most don’t want to deal with the extra complications that judicial foreclosures entail and I don’t blame them. Judicial foreclosures take more time, are more expensive, and have a lot mo...