All Forum Posts by: Kathy Utiss

It's A Property in St. Louis-Looks Decent

40 Units
$2,275,000
Beautiful Florissant area
Near Henry F. Koch Park
Updated windows
Pitched roofs
Plenty of Parking
Gas forced air heating / Central air

Financial Summary
Expense Amount
Taxes $29, 325.88
Insurance $12,960.00
Maintenance $11,356.51
Payroll $8,969.40
Advertising $3,177.77
MSD $1,730.96
Gas $4,650.06
Trash $3,125.12
Water $2,491.29
Electric $4,705.46
Total Expenses $82,492.45
NOI $185,091.55

No actually the debtor can have the attorney do a motion with the court to sell home. Which may help the lender avoid a expensive foreclosure.

If homeowner is filing a chp 7 in order to keep home they must be current with payments. If not they usually don't keep home. But attorney can do a motion to sell home before lender files for relief of stay.

However, if there's any equity they won't gain a dime if their in banko unless creditors are paid and there's excess. If debtors go this route make sure you give a full offer...Meaning full pics, cost of repairs, labor, best offer you'll make to purchase. Remember everyone will be evaluating this so be percise.

Good luck,

Kathy

Hi,

Sorry I disagree with the DFW Mentor...No hard feelings. However, depending on who the lender/servicer or owner is could mean maybe getting a discounted note if it would help any depending on the circumstances if you have cash.

For a note sale you don't need the homewoners permission to talk. Discounted notes are sold regularly.

Best of luck,

Kathy

Did you ever do a neighbor search to see if they know where homeowner went? Or a zabasearch @ zabasearch.com. Used to be if you were purchasing the note you should be able to get a credit bureau and all documentation from when note was originated. This could have relatives, type of employment. Or another good tool since you'd be buying the note is the Social security number and run it thru accurint to see what pops. Foreclosures can be expensive. These tasks I would attempt to complete prior to doing a foreclosure their a lot less expensive and as involved.

Especially since home has been vacated. Debtor obviously knows they abandoned the home. They may be grateful to save the foreclosure on their record and sign without out sale easily. Depending maybe offer them something to sign. Do u have to? NO but you don't know if you don't ask.

Best of luck,

Kathy

In the years I've been in the business I don't know to many people who like to put money up front like that. It seems to me like if your going to do something like this that you may as well do it for yourself.

Otherwise get an investor do the assignment and let them worry about it. But before this make sure you get this type of short negotiated other wise there's no reason to put any contract in place to buy anything.

The type of write off your asking for is huge ($176k) and you have to document everything to make it look like your offer is the best their going to get in order to accept and move the process thru.

This is done usually by explaining in detail your holding costs, pictures and especially the repairs. For labor and materials. The more you accentuate the pictures and repairs the better off you'll be. Is it impossible? NO but somewhat unlikely. I feel they'd think their being taken for a ride.

They'd probably hold for a while. But one doesn't know if one doesn't ask.
Just if you ask be as precise as possible. You want the presentation to SCREAM this is the best presentation they'll get for this property.

Best of luck,

Kathy

Hi thru one of my associates I have access to pull just about anything nationally here in the us. Unless for some reason it doesn't pull. I'm not sure what the cost is thru 1st amer title. I can't pull up the website I login to until I restart my computer tonight. Grr dam explorer.

If you'd like to PM me the address I can check and see what I can find from this source. But I can't promise it will amount to much.

The other service thru realquest is good but can be expensive. But its a tool to essentially help you find out such things as the title and get good comps nationally. Then of course you'd want to probably actually hire a realtor for BPO to secure what it tells you. I got use to dealing with things on a national basis with the positions I've held in the past.

Another thing that should help is possibly Titlesearch.com they have different deals but for $40 if its that impossible it maybe worth a shot. Or maybe getting a pacer account to see if owner has been involved in a bankruptcy or not. If so you may gain info you wouldn't of believed possible.

Best of luck,

Kathy

Mitch,

Eric was definitely right on track with his responses. However, the main thing to determine is if bankruptcy is the correct way to handle things. It could be handled different ways depending on the circumstances.

In some cases though I've seen people actually file bankruptcy and bring proper charges against TILA, RESPA, Rico violations. But attorneys don't all act the same and it could be good to hold their hand and realize who and what can help them the most.

Short sales or note sales can be given if you know who to deal with and provide documentation necessary to obtain one if that particular lender neogitates and to what degree they neogitate.

Main things to consider is do the people want to keep the home? If so do they have funds to reinstate or ask for a modification to their note? Is bankruptcy the only option?

What is the condition of the home? Is a foreclsoure the only answer for both the homeowner and lender? There are things to make them consider such things. But I'm sure you know this.

Any help let us know,

Good Luck!

Kathy

You need to find out who owns first of all. Isn't the name available from the tax record you found? Maybe talk to the same neighbor to find out where they moved to or know where they may be employed or any relatives. Try to do a zabasearch for debtors in ??? Try netronline.com for the county their located in see if you can see who has liens recorded online usually free if county is available. Or try from tax assessors office any info you can find if not.

If this doesn't work with their names and zabasearch you maybe able to find relatives. Depending on how much work you do it may be a good thing to get a accurint/lexis account for the help as well.

Best of Luck,

Kathy

Hi NogginBoink,

What about using Real Quest or First Amer Title Property profiles? They sometimes show such things.

Just a thought...And 1st amer is probably cheaper.

Good Luck,

Kathy

Hello.

I've just recently rejoined bigger pockets. I was reviewing the posts and it seems like there may be some good real estate professionals on here. So I've got a good scenario to go over for those of you who know about the foreclosure process.

The ??? of the day is what does someone do to find out who actually owns their mortgage note? Especially when it's been proven a servicer doesn't know who their collecting for? And everyone rolls the ball saying this person owns, this one owns and yet no one has proven ownership? The assignment that's been provided to a court of law is blank. Servicer was dismissed without prejudice for not having standing to bring suit. But yet still wants to foreclose?

This is for a 2nd lien. In the process of doing dd on file it's also been found that there various issues with TILA, Respa and such. Enough to get a full recisison of both loans and probably then some.

Of all the cases I've seen never have I found such a legal malfeasence all the way around from origination, servicing, as with the 2nd there was no hello/goodbye letter either.

Also could prove the courts aren't protecting people the way they should.
While I know a lot about this business I'm trying to get some honest answers. The people who've been prejudiced have been told to file things in state court. For the 2nd. But upon DD on the 1st the other issues have come to light so how does one make a complaint to address both loans when they've both been sold? And the holder in due course could be eliminated because 1st merged with original originating lender/servicer?

PLEASE just don't say ask an ATTORNEY! I've tried to find various answers of what I was told not to be true with all the laws involved. And know I've been hung out to dry by the whole judicial system currently.

In all honesty the only reason why I know is because of the profession I chose some years ago for a long time. That of being the bill collector. But I only did my best for all parties to be fair and honest. Cause usually I had to work with people to own up to the responsibility to pay their debt.

That also means everyone is human. Debtors, note buyers, investors, attorneys I've worked with everyone of them and feel really betrayed for always being fair, honest and believing to do onto others as I'd want them to do onto me.

Which means sometimes bending the rules not in a legal sense but usually to make up for another's errors. While I don't want to go after the attorney who prejudiced us the servicer should be stopped. But now with so many banks involved how does one address such a case? Is there any way to find out what security instrument actually backs up the note that I signed? They've only shown copies of things to the court. No original promissory note or security instrument. And the gosh darn assignment is blank. The way this is I could be paying someone who isn't giving my money to the rightful owner. The debt isn't disputed as not being owned. But even the judge agreed they shouldn't be paid. After 60 days of producing the blnk assgn doc.

Sorry if I intruded on anyones thread or anything. Or my post is so in depth but I need answers and can't seem to find them regardless of what I've read.

Thanks,

Kathy