All Forum Posts by: Account Closed

Tim - That is an amazing offer! That would be great if it doesn't put you out. Merry Christmas and happy new years!

Thanks Susan! The address is 4828 Maplewood Dr. The note principal is $35k. I'm not sure what the owner is renting it for. Your feedback is greatly appreciated. 

Hello,

I have a first position note on a property in Jackson, Mississippi and concerned the property is valued less than the paper. Is there anyone familiar with this market that could provide some insight? It's a two bed, one bath, 1200 sqft SFR, and assigned to Boyd Elementary School. Zillow estimates between $50-60K which seems high to me. I am remote and unaware of the condition but it is rented. Is this price range reasonable? Thank you for your time.

- Joe

@Mike Hartzog

Thanks for sharing Mike.  I'll keep that in mind in instances the an entity is created only for a project where the property has recorded on the deed of trust.  In my case the borrower uses the entity for all his projects.  Great option to avoid foreclosure.

@Wayne Brooks

I'm following you.  The county records in this example is not Clark County and not much is available online.  I'll look into the link you provided.  Thanks again!

@Wayne Brooks

Thank for clarifying!  The total due would be the 1st minus the 2nd.  Does the title company orchestrate this foreclosure process or rather the lawyer of the party in default?  Would a bank loan me the balance needed or do traditional institutions stay away from these scenarios?  

I wanted to check title on the property to see if there is a 3rd position note, how would I do this?  I tried asking the county and the title office and their database are not able to verify all the records associated with an address, rather just the recorded entity.  To be clearer, if I asked what has been recorded since a specified data on this address they can't tell me anything; If I ask what property this person/business has recorded they could tell me the address.  Seems weird they can't do it both ways.  Things have been going really well but would like a way to check if there are several notes being recorded on the property (red flag).  Maybe there is an easier way or no way to identify a "stealing from Peter to pay Paul" type of scenario.

Right on Jay! Will do!

Thanks Jay! Who signs the step in agreement? Who is the vendor in this scenario? I'll dig into step into step in agreements. Thank you for pointing out the potential pit falls. Very helpful. 

I see. Thanks for the insight Bryan and Wayne! Sounds like I may need language in the 2nd position note to the effect stating the right to pay off the first. Or is that always the case?  I'm not familiar with the foreclosure process and not sure how to hendle the situation if it arises. What does a theoretical forclousure look like? Since I don't receive monthly payments I would have any indication of a problem. Even then how would I know if the first position is foreclosing? 

Thanks Brett! In this situation is there anything else I could due to offset my risk?