All Forum Posts by: Carmen Harris

Hi everyone! I have a complicated issue and I could really use the advice of an attorney. I have interest in a property (a friend was the original owner, property was passed down from her father who purchased the home in the 1960s) that was illegally obtained and is now up for foreclosure/tax lien by Durham County. The parcel is currently in upset bid. Without getting into too much detail here, I'd really like to have a consult, if possible.

Any recommendations for RE attorneys in Durham, NC, would be most appreciated. I'm happy to answer any questions if that would help with recommendations.

Thanks!!

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Originally posted by @David Dachtera:

@Carmen Harris,

I guess the question would be, what collateral could you offer to a hard-money lender?

A property you don't own yet?

If you're familiar with the idea of private lenders, that might be more feasible, depending on your relationship with the lender(s). Would they be willing to front you the money you need to bid on the auction knowing they might just get it right back? ... and in any event, what about Points and/or interest?

Here's kind of a wild idea - I don't know if this could actually be done...

How 'bout getting a hard / private money lender in position who will commit to lending on the property once you win the auction (assuming you do), but using a transactional lender to get the money you need to qualify to bid?

If it's a live auction - you get the money today from the transactional lender for an auction you might win tomorrow for which your hard / private money lenders will fund you within the transactional lender's terms?

I know - that's a risk if you don't get the property because you'll still have to repay the transactional lender AND pay points and interest. Check with your CPA to see if those costs can be deductible.

It flashed thru my mind. So, I thought I'd mention it.

David J Dachtera

Thank you, you have given me a lot to consider for the future.

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Hi,

I have searched on this site for an answer to my question, but I'm hoping to connect with a local resource for some advice. I'm a newbie in Durham, North Carolina. Hoping to secure a property at auction and unsure of using hard money to make this happen.

Any advice would be most appreciated. Also open to PM/Inbox.

Thank you!

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Glad I found this thread again. I have spoken with two attorneys. One said that he would not do a Subject-To on a foreclosure (really pre-foreclosure) because that is something in which I was interested. And the other said it was "fuzzy math" and that he no longer does them because he doesn't want to have to represent me in court, advised to stay away from them. Because the homeowner (original) may still have rights that I'd be infringing upon. It's legal, it's not a scam, but not worth it.

This is what I was told. Looking forward to hear what your foreclosure attorney says.

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Hi @David Brumbaugh welcome! I'm also new to the site and trying to get my ducks in a row. I'm in Durham, lots of helpful people here.

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I missed the last one, so I will be there!

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Thank you for sharing this information. I haven't heard of this, so hopefully others chime in. I will ask an attorney as well.

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I'm also in Durham in RTP, and a newbie, welcome to BP.

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Hi! Welcome to group @Kiah Hicks . I'm new too, in Durham, and learning a TON so fast.

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Hi @Charles Murray! I'm in the RTP area and also a newbie. Just wanted to say, "hey!" Welcome!

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All Forum Posts by: Carmen Harris

Carmen Harris has started 3 posts and replied 22 times.

Post: Durham, NC Foreclosure Auction - Legal Advice Needed

Post: County to Foreclose - Hard Money for Auction?

Post: County to Foreclose - Hard Money for Auction?

Post: Obstacles to "Sub-2" foreclosure rescues in NC

Post: New Member From Raleigh, NC

Post: May Raleigh, NC Meetup

Post: Obstacles to "Sub-2" foreclosure rescues in NC

Post: Looking to connect in Raleigh, Durham, Chapel Hill Area

Post: Real Estate Agent from Raleigh-Durham, NC

Post: North Carolina Newbie - Seeking Advice