All Forum Posts by: Evan Gater

Hello,

I very often see "Suggestion of Bankruptcies" in foreclosure case dockets. While some are in good faith, it seems that some are intended to delay the sale as much as possible. Sometimes, there are multiple suggestions of bankruptcy in the dockets.

I am new to buying foreclosed properties. When I see a last-minute suggestion of bankruptcy in a docket, I avoid bidding on that property because I assume that the foreclosure sale will be canceled, even if it initially proceeds. Is this assumption correct? Can a judge still proceed with the foreclosure sale even if the defendant has filed a suggestion of bankruptcy? Can the homeowner repeatedly file last-minute suggestions of bankruptcy to indefinitely stop the foreclosure sale? Is there a limit to the number of suggestions of bankruptcy that a homeowner can file? Is there any way to know if the judge would reject the cancelation of the sale after a suggestion of bankruptcy? Do you also avoid bidding on properties with suggestions of bankruptcy?

Thanks in advance,

Thank you all for your answers.

I have a couple more questions before buying a subordinate liens. That would be greatly appreciated if you could help me find answers to these questions:

1- So, when I buy a second mortgage, the first mortgage and taxes stay and they are not paid through the surplus. I have no access to the surplus in any way. The surplus does not pay the first mortgage or taxes. How about the HOA liens? Does it not even pay the HOA liens?

2- Let's say, I buy a second mortgage and lis pendens has already been issued for the first mortgage and an auction date has already been set for it. Can I still pay off the first mortgage? Or is it too late? How long does it usually take to complete all procedures with the first mortgage holder after buying the second mortgage to pay off the first mortgage? 

3- Do I need any kind of signed letters or anything else from the previous homeowner to be able to pay off the first mortgage? Are the balance and all other details about the mortgage not considered confidential between the previous homeowner and the bank?

4- Is there any way to learn the exact balance of the first mortgage before buying the second mortgage if a final judgment has not been issued for the first mortgage?

5- Is there anything else I need to be careful about or take into account when buying a subordinate lien?

@Chris Seveney and @Shafi Noss

Thank you for answering my question.

I'm considering purchasing a property undergoing a second mortgage foreclosure. The first mortgage's auction is scheduled for September 2024. Assuming less competition, I believe I could secure the property at a lower price by participating in the second mortgage auction. My plan involves paying off the first mortgage's judgment amount afterward. However, I'm uncertain if this strategy is feasible. I'm concerned about the possibility of the first mortgage holder refusing my payment and proceeding with the foreclosure. Are there any other risks I should be aware of? Appreciate your insights.

Hello,

I reside in Orlando and I'm currently exploring properties in Florida. I am contemplating the possibility of purchasing a second mortgage or an HOA lien to subsequently pay off the superior lien. How does the process involved in paying off the superior lien work? Is it typically straightforward to make such payments, or is there a chance that the bank might refuse payment and proceed with an auction?

Furthermore, I'm curious about the level of risk associated with this process. Would you recommend investing in subordinate liens?

Thank you very much in advance,

It definitely helps. Thank you very much, @Chris Seveney

Hello everyone,

I've come across a property that is undergoing foreclosure. It has two mortgages, both of which were recorded at the same date and time. However, the page numbers in the same book are different. In this scenario, are both mortgages considered senior liens, or is the one recorded earlier in the book, indicated by the lower page number, deemed the senior lien?

Thanks,

Thank you very much @Shawn McCormick for the suggestions. I would be happy to have a call and discussion.

Hello,

I reside in Orlando, Florida, and am interested in purchasing a foreclosed property to implement the BRRRR strategy. Although I've gained some knowledge through reading books and online research, my experience in this area is limited. I'm in search of a mentor or advisor who can guide me through this process. Could you advise on the best methods to find a mentor and network with professionals in this field? I'm eager to connect with individuals experienced in this business.

Thank you.