All Forum Posts by: Henry Li

@Jessica Zolotorofe

Thanks Jessica. Yea, I'm trying to see if I can get some opinion/idea from here. Will definitely work with a lawyer.

Wondering if anyone has done anything like this before. I wonder if there is enough equity, would my principal + interest + attorney fee be paid by the proceeds (I know it sounds too ideal in the foreclosure world LOL). However one good thing about this property is that I do believe it worth at least 600k. There is definitely enough meat for the 1st and 2nd mortgage holder...... well...  

@Al Casino

Thanks Al. When you say my mortgage would be stripped, does it mean it is principal paid back or no pay? I don't think I would buy the house anyway. whoever get it as long as my mortgage is paid back that's good enough.

And yea, I'll definitely consult an attorney when it is time to take serious action. Thanks

@Brian Erlich

Thanks. I'm not sure if foreclosure would be an option since I'm holding the 2nd mortgage not the 1st. 

I'm just preparing myself for now. I know this guy for a long time and I kinda don't think it will turn too ugly... but well .. who knows ... 

and I'm recently reading all those note buy/sell which made me quickly thought about maybe selling the note would be an option too. But i have never done it. 

Hi all, 

        I just signed up PPR yesterday and am waiting on my net worth to be verified at the moment. I'm pretty excited about trying the 12% note fund. It seems too good to be truth for me.....  I'm however a bit skeptical how they can offer 12% so consistent for so many years. I hope that PPR can really use our fund to make a lot more money than the 12% given back to us, so they can sustain forever.  

Hi all, 

      If I have a 90k 2nd mortgage note on a property worth about 600k which the first mortgage is 340k, leaving enough equity on the house. What is the best exit strategy? 

      A bit background, I did a flip project with my friend/partner about 2 years ago. He is the contractor. About 1 year ago the project was nearly done, but we had many different opinions ... long story shot - He bought me out 340k. I lent him 50k before for a $1000 monthly interest for another project and he wanted to hold on to my 40k profit until the property is sold. So together I lent him 90k in the note on this property. He stopped paying me interest for about a year which I sorta agreed to verbally because I know him for a long time. I don't mind to collect all after the property is sold. But now,, he put the property off market and I don't know what the heck he is trying to do. 

Now Question - If talking to him doesn't do to trick, legally what else option do I have? I have both note and personal guarantee. Would selling the note be an option too? thanks