All Forum Posts by: Corey Barnes

Im already in contract with a probate attorney, and have been advised, I am allowed to retain a fee for administration,  but waive it to avoid conflict since I am furnishing all legal and repair fees. A contract is negotiated with the surviving heir as to what their wishes are.

im just trying to determine if making a payment to the mortgage company will help at this stage, anonymously is thd only way to do so until I am legally administrator,  otherwise I am just saying a prayer that pending california laws will pass ensuring longer protections.

I spoke with the probate attorney before I took any steps to ensure this was all legal

 i responded,  but forgot to quote

 I responded but forgot to quote

We are just starting the process, so it will be around 6 months before I get my paperwork etc.

Thats why I wantvtk know if making an anonymous payment now, will halt the process

Yes I believe the bank was notified,  there is no one else on the loan, I am being affirmed as administrator for probate so I will get authority, but that could be six months.

The sale date is the larger question, nothing has followed the notice of default, the property is in CA so the moratorium is in effect currently until Aug 31st.

I don't know if the 90 day countdown goes into effect during that period, as its been over 90 since the default notice, they may just be blocked by the moratorium

Essentially, the previous owner has passed on, His family is in a distressed financial situation. The previous owner passed without a will or trust, so the property is intestate.

The family couldn't afford a probate attorney, and didn't understand the process, so they were going to let the home go to the bank, for a tiny mortgage.   What I need to know, is if anyone has ever stopped the foreclosure process by making an anonymous payment, it's behind 4100.00 reported March 2020, And I want to know if anyone has stopped the process successfully.

I've hired a probate attorney to start the process and send a letter of Forbearance, but it could be 6 months until the process completes.  I'm being put forward as the administrator, and will be able to work with the mortgage company then, but want to know if I can do anything now before we lose the Moratorium, I can make the payment assuming 5500.00 for additional penalties, but don't want to flush money down the toilet, the probate attorney is already a be

Any Help is appreciated

Thank you guys for the input, Still trying to find creative financing

Hey all, Newbie looking to get started on my first deal.  I was unemployed due to a medical injury for a good while, but recently back up and moving the last few months.   I'm self employed, and recently found bigger pockets.  I'm still getting my personal financials up and running, only 3000.00 or so saved currently. 

Today I found a what I believe to be a killer deal, 50-55,000 purchase cost for a triplex with 3 1/1 units that will rent at 650.00 easily per unit. Exterior needs paint, interior is thrashed from transient occupancy.  It's in a heavily rented area for farm workers, so would be filled quickly.

I'm hoping to find a hard money Loan for purchase and rehab, around 95,000 total I'm estimating currently. Assuming to be appraised at 180,000+ ARV

I'm currently working with the calculators to get total info, but wanted to get some advice from others who maybe have been in the same boat.   I'm a newbie, though not unfamiliar with the rehab process, and my personal financials aren't stellar

Thank you for any Input