All Forum Posts by: Bob Reinhard

In addition, other costs include fees such as legal and attorney  as well as taxes.
And generally the bank does not disclose the upset price although you might check with the sheriff/ referred immediately before sale commencement.

Word on the street is that new regional management is awaited on many levels.

Regards.
Bob

@Bogdan Constantin Stefanide

Could you post the name of the short sale company please?

I may have a need.

Bon

Not an easy answer in short space.
You are in essence trying to buy the property from the defaulting borrower and satisfy the bank.
You must stroke a deal with the borrower, whatever thst is to get the property from them, while they still own it. Thereafter, or as a consequence thereof, the lender must also somehow be satisfied.
What ever deal you strike must be memorialized in a writing with the owner...you are buying from them.

@Danny Sharp

Good evening.

Foreclosures are where the borrower is behind in payments so that the lender is now executing its rights under the note and mortgage.

At a certain point in time, depending on which state you're in, the property that is being foreclosed upon will be put up for sale. At that point you can bid on the property.

Before that point, you can speak with the borrower to see what if anything can be done to bring them up to speed with the payments that are owed.

Essentially, absent a few strategies which are too complicated to get into here, you must pay off the bank. This is what is expected of the borrower by the lender.

Much success.

Bob

Good day. Events can be found by searching here or the MeetUp site itself.
I host a monthly MeetUp that alternates along I84 in Danbury or Brewster.
Feel free to reach out to chat about any questions.
Some of my contact info is in my profile.
Much success.
Bob

@Luke Manas

Howdy.

Former teacher in Woodside. Now up a bit further along metro north.

Reach out to chat. I run an RE MeetUp and am active in the westchester/hudson valley areas.

Other contact info should be in my profile

Success!

Bob

@Delbert Standifer

Ditto @greg scott

@Joe S.

Please read carefully.

A creditor shall provide an applicant a copy of all appraisals and other written valuations developed in connection with an application for credit that is to be secured by a first lien on a dwelling. A creditor shall provide a copy of each such appraisal or other written valuation promptly upon completion, or three business days prior to consummation of the transaction (for closed-end credit) or account opening (for open-end credit), whichever is earlier. An applicant may waive the timing requirement in this paragraph (a)(1) and agree to receive any copy at or before consummation or account opening, except where otherwise prohibited by law. Any such waiver must be obtained at least three business days prior to consummation or account opening, unless the waiver pertains solely to the applicant's receipt of a copy of an appraisal or other written valuation that contains only clerical changes from a previous version of the appraisal or other written valuation provided to the applicant three or more business days prior to consummation or account opening. If the applicant provides a waiver and the transaction is not consummated or the account is not opened, the creditor must provide these copies no later than 30 days after the creditor determines consummation will not occur or the account will not be opened.

Ask your attorney if INVESTMENT property falls into this.

Bob

Taken from

12 CFR Part 1002 - Equal Credit Opportunity Act (Regulation B)

@Jing Zhang

Private lending merely means that the lender is using private funds, not from a financial Warehouse, in order to back the deal. This money can come from various types of investors who will fund on behalf of lending entity.

Much success.

Bob