All Forum Posts by: Eric Foster

I am a Full time Real Estate Investor in the Oregon & Washington areas.

Been at it for years... but a year now full time.

And yourself?

Welcome Texas! Glad you are here!

And as I hear some of you around there like it.. It is BIG here, filled will all kinds of good info.

Welcome to the group!

Glad to see you are giving things another shot.

If something doesnt work, try another way!

Not starting sooner. Period!

Well hello there... And welcome to the group!

What I did is I took several forms, took the best from all of them, and made my own. I then had it reviewed by an attorney, and made a few other changes that he suggested.

It ended up taking quite a bit of time to re-type it into a word document, and a couple hundred bucks to an attorney... but worth it!

I now have it so I can edit it to specific situations very easy.

I have several things in the forms that I think are very important... especially on the foreclosure side of things.

Let me know if you would like me to share them with you.

Sounds like you have things all planned out… Now go get em!

PS I also have 2 diferent forms... One for homes in foreclosure, and one for homes not in foreclosure.

There is so much stuff here! Thanks I will check it out!

Get the owner to sign the deed over to you!

It gets the seller out of the mind-set of thinking he still owns it... and gives you more control over whats going on now that you are the owner.

Then get the bank to accept less for the note and buy it.

Also, if you have the deed, you can reinstate the loan if need be and kill the foreclosure.

PS I have heard that some states are cracking down on this... so as with anything, make sure it is ok to do in your state.

Go get em.

Anyone remember the late night Real Estate Guru from the 80's Tom Vu?

He used to yell at you on his infomercials telling you how stupid you were if you didn’t listen to him and that you should do what he says so you wouldn’t keep being a loser.

It was a kick and very funny to watch.

He also would have a bunch of girls in bikinis hanging all over the yacht that he was on while pitching his Real Estate system.

Anyone else remember this guy?

Don’t read this ---> (I went to the seminar)

Well the mortgage saga continues…

It seems that lenders are now taking proactive moves in an attempt to reduce further defaults… So I am told…

I have a rehab lender telling me they don’t want to advance rehab funds because they are “cutting back on their exposure”. This is my first draw request!

Wow… seems like they are shooting themselves in the foot. Maybe they are simply out of money!

They are questioning me if I will be able to refi at the end of the balloon term and asking if we are on schedule for completion, while at the same time telling me that since they have had so many problems with borrowers not completing projects and paying them off, that they have pulled back on honoring draw requests.

So basically, they are saying “pay us off, and by the way we are not going to honor our agreement with you and advance you the funds to put the house back together” so you can get a loan to pay us off. Can you say “Catch 22”

Hmmmm. It seems like they are more willing to breach their agreements and commitments and get sued, than to live up to the deals they have already made.

We have done everything we were supposed to do they just don’t want to do what they committed themselves to do.

Seems clearly like a breach of contract to me… We paid extra fees, points, and interest to have the benefit of a rehab loan, and now they are withholding they rehab funds? We could have just taken out a regular conventional loan if we knew they were going to treat a rehab loan like a regular conventional loan.

Seems to me they are setting themselves up to create their own defaults. Potentially causing borrowers financial hardships by not providing the funds they have agreed to provide.

Has this happened to anyone else?

Wow!