All Forum Posts by: Jozef Forgac

Thank you Caitlyn for your explanation.

I'm so glad that someone has knowledge in this aspect. (great forum)

Have you seen from your experience in forensic loan audits something like this ?:

"If original loan was made by one of the many sub-prime lenders that have gone out of business it is quite possible that no one can find original note "

No original note, no debt ?!

The fact is that almost all loans taken out in the last few years were sold off to other banks and investment banks 30 minutes before the ink dried on the paper. This loans has probably been divided into dozens if not hundreds of pieces, and original note was either boxed away and is inaccessible or just plain lost because of carelessness. As far as the respectable part, well frankly the mortgage industry is not very highly regarded right now.

Do you know from your experience that this can be true ?
If the Lender cannot prove they have the legal right to foreclose Attorney will pursue a "quiet title" action to remove all debt from the property. It will be affordable for homeowner to continue to live in the home while Attorney exhaust homeowner legal remedies. With the help of legal team, the debt can be brought down to a reasonable and manageable level that homeowner can afford.

For example in Riverside county CA market where houses went down in some places 50% that is a massive tool
for homeowner in default.

Do you have any knowledge of that ?
Always appreciate any help.
Thank you.

Someone can help me where can I get option contract for short sale in FL?
Any pro in short sales are welcome to partner on deal(s).
I did some coordinations of short sales, but not the whole process alone.
I have my first deal in FL. Ready to go.
Thank you. :roll:

Anyone out there has any experience or results with forensic loan audits?
I know companies that start doing that, but I don't know about any results as it is take a very long time to finish it.
:roll:
I know how is that work, but I don't know about any rsults.

To close your first A to B transaction you can use companies doing transactional fundings. Short 24-72 hours fundings.
Mostly they charge from 1-2,5% from total funded amount plus one time fee ( $250-$700) fees. All paid from the closing. No out of pocket expenses.
If you need some help respond. :wink:
If you have to intent to resale it to the end buyer they have to bring their own funds or financing to the B to C closing.

I'm buying SFR in pre foreclosure and asking the lender(s) for short sale.The owner selling as FSBO to me. Lender on 1st.(Chase) wants the owner list the property with RE Agent even the owner has an offer on it from his FSBO marketing. House is upside down, vacant and owner moved out of state. I have Authorization from the Owner for releasing mortgage information.
Any suggestions?
Do we have to just send the whole package with an offer to the lender or we have to hire an agent to be a part of it?
Thank you for any suggestions. :wink:
House is in North Florida Jacksonville suburbs.

:mrgreen: Thank you for being able to be a part of this forum.
"Ahoj" means Hi or Hello in Slovak language.
I live in Jacksonville area (Yulee) Florida but I'm from Slovakia (Europe). I'm in US since 1995.
I will be so happy to share anything about real estate so it could help others in this business.
I'm in Real estate 4th. year and I spent that time in crazy Southern CA market where I lived 12 years. I moved only a year ago to FL.
I invested in undeveloped land and I did smal land pre developments for owners builders in area of vacation homes in Southern CA mountains. I was doing rehabs, spec vacation homes, lease options and I originated construction to permanent loans to owners builders for a year right before market in CA crashed.
I end up with a few finished rehabs when everything freezed in CA market and I lost a lot.
Because of that I started to study short sales and pre foreclosure business. I moved to FL (with 3 kids, wife and a cat 4 days ride ). I starting to concentrate on short sales.
I appreciate any help or partnership on my short sale deals and split a profit if any expert can mentor me on short sales.
I can see a lot of potential in this forum to build my confidence and knowledge in this business, so I can help more people every day.
Thank you for all off you guys to being here.
Dakujem ( means Thank you in Slovak). :lol:

Hello everyone. I'm new to this site.
I have my first short sale deal. Numbers works both lenders willing to work this out. I'm not new to RE.
I was in RE Investments 3 years in rehabs, small land developments, etc., but I never did short sale on my own. I coordinated a few short sales last year, but never did it all alone.
I found and pre qualified deals, explained options to the homeowners, get it under contract, assist to homeowners with the short sale package and all needed paperworks, put together estimate of repairs with local contractor, run title search through the local title company and submitted all paperwork to my partner who negotiated with the lender. After BPO was scheduled I meet BPO at the property.
I had 8 deals in my pipe line and no one closed. My partner disapeared and I lost interest in doing that for a while.
I'm ready to start it again and I'm looking for someone who can partner with me and possibly mentor me with the missing link of negotiating with a lender at most.
I can have local RE Agent for listing and marketing after BPO is done and market it to the end buyer. I know I have to work on my buyers list prior to that ASAP and my own marketing as well.
I need reliable trusthworthy person willing to partner with me and split profit on this deal(s) so I get more confidence and try to avoid as many mistakes as possible.
I'm not sure if I can post my contact here so please respond. I'm in Jacksonville area in Yulee ( Nassau) county FL. Seems like very valuable site with right professionals.
I will be happy to share my invetsment aspects on this site in coming future.