All Forum Posts by: Brian Kempler

Hi Will, no there is none of that, I'm just trying to see if handling my own foreclosures is viable with enough time and effort. I'm looking to buy some non-performing notes.

$5k-10k is a fair amount of money per house. I also understand that a foreclosure process done wrong can cost even more.

Does anyone handle their own foreclosures or is it well understand that doing so is a combination of dangerous and foolhardy?

If anyone is familiar with the bankruptcy scenario, a few questions:

1. Is it true that Chapter 13 (reorganization of debts) is more common than Chaper 7 (extinguishment of debts) nowadays?

I see Ch. 13 = a payment plan will be attempted. If that fails, then foreclosure follows. For Ch. 7 I see foreclosure as the exit.

2. BK proceedings slow down the payment plan or the sale, lowering expected return due to the cost of holding and maybe additional repairs. Do you guys price a BK filing as your most conservative estimate, on NPN deals that have fair amounts of equity (and thus an incentive for borrower to try to keep the home)? Seems like that would be the scenario to try to price the purchase around.

I think a Ch. 13 filing may actually be worse by allowing two points for default before a foreclosure sale, but please correct me if that is wrong.

Thanks for any info!

Thank you @Chris Seveney ! By any chance do you know a good source for putting together a list of servicers?

I'm curious how many hedge funds are out there with NPN's they'd like to get rid of. Anyone know? Also, any tips on building a list of them? Googling "note buying funds" doesn't seem to turn up much