All Forum Posts by: Jason Hatfield

Thanks @David Dey for the advice  as well as your offer to assist me with the property, but I have resolved  the issue with the Lender an he has provided a payoff and I have already collected my Assignment Fee from the new buyers! Hooray!!  Thank you everyone for the advice an providing me with the guidance I needed to close this deal. We are set to close by Friday next week! Yay!  Thanks again for all you guys help! This is the Largest Assignment Fee of my career so far, Its a GRAND SLAM!  Have a safe and Happy Fourth Of July everyone!  I am excited for the future!  God Bless America!!!

@Don Konipol  I like your attitude! You seem to know what your talking about it!  Just to clear something up, and my apologies for mislabeling the Subject. But the Contract I have is a simple 2 page as is Assignable Contract for $20,000.00 with  a Mortgage Deed attached to property. My thought when I posted this was to get advice on a Quit Claim Subject To Existing Mortgage as a remedy for the deal I am in now which is not a Quit Claim. My thoughts on this as a remedy was thinking that if he Quit Claimed it to me, then I could assume the responsibility of obtaining the Payoff LEGALLY, therefore taking the burden and responsibility of the SELLER  obtaining the payoff out of the equation.  Basically I am assuming this way I can could go after the Lender in a Legal Capacity from  the get go, if i was now the Legal Owner of the Deed with a Quit Claim. I thought this may be a creative solution that would work better, because i feel as if the SELLER is also now trying to THWART the sell.

This has been a great discussion on this issue, I have learned some valuable little nuggets. I think I will definitely be coming back for some more advice.  I just want to note that I will definitely not be doing any clean up or improvements to a property pre-closing, unless I have a 30-day payoff sitting at the Title Company. Nope never again! 

I agree with Jay and Dion, John Anderson. The better way to handle this is through an Attorneys Letter that will make him come back to reality.

I am starting to sense though that the SELLER may not be cooperating as well. The SELLER is already in breach of contract with turning off the utilities when it clearly states in the contract they are to remain on to complete and inspection as well as showing the property. And now he is giving me the run around about providing me with proof of sending a Certified Letter,  by not sending me a picture of the receipt tracking number for the Letter. I have asked him for it  for 3 days now 4-5 times, and he finally said this morning that he lost it. So I explained to him, how very important it was for him to obtain the payoff, so he is not liable for Breach Of Contract and then I could sue him for damages. As well as how he will more than likely have to turn around and sue the lender, that is if these 2 are not trying to play me now and THWART this contract. I also sent him an email this morning June 18th and explained  to him the legal aspects he can liable for as well as the lender. I also explained to him that I need to see proof of a Certified Letter sent post marked by 5:00 PM Monday the 20th of June 2016. I am concerned that they may be just trying to delay it from closing and claiming he does not have to sell now that the contract has expired.

Date the SELLER SIGNED the contract 6-9-2016

Date the BUYER SIGNED the contract  6-10-2016

Closing Date July 21,2016 

Date Certified Letter was sent to Lender addressed from Titled Company requesting a Payoff

6-15-2014

Thanks Steve, sounds like solid Advice!

 I am posting the Redacted Version of the actual Mortgage Deed this post is refering to. Thought it might be a good Idea, there might be something in here I am not seeing.

"2 eyes are better than one"

@ Bill Gulley, when reading what you said about making threats, he did call me to tell me that if I or anyone else is seen back on the property, that he was going to have me arrested. He told the seller this too!  He actually Instructed the SELLER to call me to tell this a s well! When you say he could loose his Lein & Money. Are you saying because he has made threats towards me that I can actually have the Lein removed? Also curious to know what someone would have to do, that would constitute them loosing their Lein.

Thank you for all the good Advice, and yes Mindy Jensen I will definitely keep this post up to date as to the actions I take and the results of them.  Dion DePaoli  the State is Florida. 

I spoke to an Attorney yesterday and he advised me to wait 14 days after he was delivered a Certified Letter from Seller and Title Company requesting the payoff. If he has not provided the payoff by then, then the Attorney  will send him a letter on behalf of the Buyer advising him of the Legal recourse the Seller and I will be pursuing if he does not comply with the written request for payoff. And the fact he will have to pay Attorney fees, etc.  So I think I may see a closing, but this guy just seems really upset that i am buying it.  

As of now the Seller has made 16 payments on the property @ $316.76 a month for a total of $5068.16.  The Note was created on November 26, 2014, with payments beginning January 1, 2016. The Note is for $20,000.00 @ 10% to mature June 1st, 2022. So 8.5 Year Loan.  

My other question is, How much of the funds paid by me the BUYER will be due to the SELLER less the LEIN from the Mortgage Deed?

Not sure how to calculate this. I do know that in most loans, your payments in the beginning  of the loan usually most of the payment goes to the Interest, an not the principal.  If some one can educate me on this calculation that would be Awesome!

Yeah I am thinking Attorney too!  But i m sure this is not the first time this issue has been dealt with by Investors in regards to private lenders. I would like to know how other Investors have dealt with this issue in the past. Thanks for the advice Wayne Brooks!

I am currently in a BINDING contract with a SELLER of a residential piece of property an I am the BUYER for the sum of $20,000.00. The contract is seasoned, and is sitting at a Title company ready to close. There is a Mortgage Deed on the property in the amount of $20,000.00 that is held by a private individual. The Seller agreed to sell the property to me for the amount owed. At the time that the contract was signed by the seller (6-9-2016 ) was 2 months behind. The mortgage lien holder has not notified the Seller that he is accelerating the note, nor has he filed any FORECLOSURE PROCEEDINGS to collect on the note. Since the Private Mortgage Lein Holder has found out that the Seller is selling me the property, he is not willing to provide a payoff to the Title Company, he is actually being very combative, and very uncooperative. I am pretty sure that he wants the property back and is upset that the SELLER has entered into a contract to sell with me.

My question is what can I do to close on this deal, if the lien holder with the Mortgage Deed will not provide a payoff for the Note?