All Forum Posts by: Jan Gates

I found that there is a 5 bedroom home in Vancouver WA at 18622 SE 14th Circle going to the auction next Friday and wondering if it would be worthwhile to do a drive down there to bid. Is there much action/competition at their auctions in Vancouver?

I've been offered to purchase an owner occupied first position mortgage note on a home in Florida, originated in 2016 at 6% with a 30 year amortization but a balloon due in 2 years in 2018. Borrower has defaulted on the payments. I'm concerned that the loan may be out of Dodd Frank compliance due to the short balloon date. The seller did not originate the loan, it was purchased from a private party who did the origination.

Does anyone have any thoughts as to weather this would affect enforceability for foreclosure should the borrower challenge it?

Thanks

For all attending the Papersource event this week in LV, Alison Mencarow has reserved 2 tables at the front of the room where we will be having lunch, look for the gold Bigger Pockets signs and feel free to sit there and let's put a face with a name!

We recently acquired a small pool of defaulted first position loans, all of which had HUD PMI paid up to the date of default. Borrowers are deceased and properties vacant.

We want to pursue a claim on the PMI with HUD but have no guidance on where/how to start. Does anyone have any info on this?

Thanks 

My company is looking at the acquisition of a pool of first position non performing residential mortgage notes in various states. These mortgages are within 6 months of going to the foreclosure auction. Buying the note before it goes to the auction would seem like a good way to get the property back for flip or rental, rather than being on the other side of the table as a bidder. 

Is this something that a real estate investor would find attractive to get the property before it goes to auction? Our thinking is to either foreclose and sell the REO to investors, or just sell the distressed, pre forclosure note so the investor can "be the bank" and foreclose.

Any opinions or insights are appreciated!

My company is looking to purchase a pool of first position NPLs in various states in the U.S. All notes are within 6 months of foreclosure some have equity and most are underwater. Our model is to foreclose and then sell the REO to investors. Our concern is that any note that has equity above CLTV will get overbid at the foreclosure sale, so we would not be able to take the property back.

Are there any statistics as to what percentage of NPLs with equity go back to the lender?