All Forum Posts by: Jason Fuentes

@Dion DePaoli thanks for that very informative post I really appreciate the post, very helpful!

@Mike Hartzog good points on the borrower correspondence i've been reviewing the files and it is helping me put a picture together.  It seems as marital problems could have been a key factor among other issues.  The house is occupied (don't know by who) but one thing i've noticed is that the current tax payer's name is listed under wife's maiden name, where as in all docs in the working file the wife is listed with her married last name.  Wonder if a divorce took place and the wife stayed at the house (taxes are current).

@Paul 

@Paul Birkett thanks for your input!

I working on closing my 1st note and wanted to reach out to the great folks of this forums for what to look for when reviewing files.  I actually have a professional service reviewing the mortgage files but the seller has also provided a slew of other documents.  Was seeking  input on what are the main things to look for.

Thanks in-advance .

Think I'm going to pass on this one but I appreciate everyone's responses

@Bob E.thanks for your response, tax statement  says it going to the house in question, would that information be somewhere else?

@Mike Hartzogthanks for your reply still evaluating if I should jump in.

@Jeff Rabinowitz@Bob MaleckiI appreciate the feedback...

Honestly I don't think the occupier is the borrower, I believe the borrower is renting out the house and just collecting the cash but i'm not 100% sure.  Reason I say this is because the property is 0% homestead, not the owner's primary residence as of 2013? Sorry for the confusion in my 1st post I stated just homestead.  If the person staying in the house is not the homeowner would there be a way to find out if the people in the house are paying rent prior to purchasing the note?

So if the property in its current state is really worth 30k but mv value for that area is 50-60k I should subtract tax, water,foreclosure and other unexpected expenses from the 30K value and use that as a starting point for my bid?

Thanks in advance 

Hello Guys and Gals,

I'm doing due diligence (preliminary) on a potential NPN in the detroit area and was looking to get your thoughts/ideas on the this potential deal. More specifically the risk with NPN's with large sums of back taxes and when the borrower is delinquent for 5+ years. Below are the details...

Property Type: Single Family in Oakland County, 3 beds 1 bath with basement

Occupied: Yes potentially (I have someone checking) but I don't believe it's the borrower (homestead) 

Tax: $15,000 owed in back taxes

Delinquent: 2010-present (actual maturity date of loan was 2013, so it looks like it was 15yr loan, unless data I have is wrong?)

Rent in area: $750-$950

Market Value: Realtor says MV is around 50-60K in that area (provided CMA), I'm having someone drive-by and snap external pictures this week.

UPB: 69K while orig balance was 60K

Bid: Seller hasn't provided any pricing

BPO: haven't ordered yet

O & E: haven't ordered yet

What i'm struggling with is assessing the risk due to the delinquent time frame and amount of taxes owed.  Do you follow the same principles on placing a bid with this type of asset? 

Thanks in-advance

@Darren Eady Do you use them for NPN or just Re/Performing notes?