All Forum Posts by: Jakob Kegel

 Hi Cami, Did you end up investing in New Haven? 

@Morris Cohen How much is “A LOT” of reserves? Can you give us a ballpark figure?

@Marcus Britton Did you try negotiating? I’m guessing the finder wants the fee as much as you want the loan and there should be some room to negotiate the fee down.

generally it depends who holds the lien - if it’s a big institution you can consider it impossible to get a property outside the regular auction once it’s in the foreclosure process.
But I would start by knocking on the door and speaking to the people living there, find out if their are the owners, see if their are interested to make a deal with you and get them to contact the lender. If it’s vacant find out who the lender is. Maybe you are lucky and it’s a small institution. 

@Morgan Granger Everything depends on the lender that foreclosed on the property. If it was not sold during auction the lender will decide when and how to sell it. If you go to the County Clerk you can find out who the lender is. If it’s a small bank you may be able to contact them. You can also find out who the former owner is, if you are lucky they still live in the property and you can speak to them about buying it. Good luck!

@Amy Zhang You are in dangerous territory. When you transfer title to an LLC you are transferring ownership of your property that the bank took as collateral to a company with which the bank has no relationship. You probably even have an acceleration clause in your mortgage allowing the bank to accelerate the full payment (in other words forcing you to pay the full mortgage). I would 1) consult an attorney how to go forward 2) see if your lender allows LLCs 3) if not find a lender that allows LLC and Refinance. Good luck!

@Ron S. In your experience, is there anything in the senior’s contract with the borrower that allows the senior to foreclose after the junior forecloses even if the senior is current?

@Roman M. yes, trying to get hold of 1st mortgage institution

Any idea why someone would stop paying 2nd mortgage only? What’s the former owner strategy?

I recently bought a property at auction where the 2nd mortgage foreclosed on it. The 1st mortgage seems to be current. I normally only buy houses where 1st mortgage is foreclosing so this is a first for me. Any suggestions how to deal with this? Houses is worth 170k, 1st mortgage is around 80k and I got the house for 35k. Any suggestions?