All Forum Posts by: Ave Escobar

Quote from @Jonathan Taylor:

@Ave Escobar What @Chris Seveney stated is correct as I am in the same process on a deal I intend to buy. The first position lien holder has to wait 120 days past due until they start the foreclosure proceedings. They can file an NOD anytime within that 120 day period. This lender filed on the first day they could. I spoke to the first lien holder in person who informed me of this process.

But the short answer is, in CA foreclosures do take time so the best option is a short sale with the current owner or an agreement with the lien holder to take if off their books. 

 Jonathan, short sale us out of the question as the balance is $205, ATV in the ,$700k for a duplex in Los Angeles.

Quote from @Ave Escobar:

Thank you Christ, if I understand your answer the NOD the date would be 04/1/2024 correct, but California the lender is required to send a 90 day notification that the loans maturity is 90 days away. Does the lender need to send the notice first to start the 120?

Thank you Christ, if I understand your answer the NOD the date would be 04/1/2023 correct, but California the lender is required to send a 90 day notification that the loans maturity is 90 days away. Does the lender need to send the notice first to start the 120?

What is the time line on foreclosing on a duplex in L.A. loan Ballon date is 10/01/2023 , no prior 90 notification received. Does the lender need to provide the homeowner with a 90 day notification now before filing a NOD?

Nice to know, I've obtained surety bond when a lien holder hadn't recorded a reconvayence, the amount of the bond was 1-1/2 times the lien amount to premium a closing.

Buying the property at the auction and being the winning bidder does not excempt the auto obligation. The lender probably wrote off the debt, but dose not wipe off the debt. My 2 cents.

Quote from @Tommy C.:

Hi BP!

I'm looking to buy a home for $90k off a REO auction posting.

Curious to know if I have any options to finance this purchase as I do not have the liquid cash to put down on this investment. I can put down $20k but not the full $90k.

The bidding ends in 4 days. Does anyone have any tips on how / where to finance this fix 'n flip? 

Thanks!

Depending to the property some banks ask for all cash or hard money. Consider PML to assist in the purchase. Some to the property need repair before some lenders will consider financing thru regular lending source. Need help let's connect.

First thing I'd do is see if the bank may be looking to sell all cash due to any deferred property issue a will states all cash or hard money.

First time buyer program usually have little if any equity. Hard money lenders mostly will lend only on property with large equity.

Hello Jake, in most case a Hard money lender will turn down loan and finding another hard money lender to do the deal is tricky. An example I had was on a commercial dentist practice building which was referred to me I was able to get a doctor as a private investor who consider if the risky client did not pay he would foreclose and open a second practice at said location. That's one example, another is to restructure the deal to reduce the risk.