All Forum Posts by: Jay Patel

Thanks Caleb!

Thanks for the feedback @Wei Jie Yang. Looks like I may be able to do better.

The cash to close worksheet I got has "0" for Loan Origination Fee however the "processing fee" is $484 & the "underwriting fee" is $965.

Guys, 

I have a rental property under contract that I am looking to finance. I got this quote from a mortgage broker who I used to get my pre-approval letter. Personally I'm not too thrilled. What do you guys think? 

Single-Family:

Rate: 5.625% 
Term: 30 Yr. Fixed
Down: 170K (Purchase), 36K (down)
Closing Costs: 7K + 1.5K (Discount points)

Credit score is low 800's

If anyone has a lender contact or broker contact please let me know. 

Thanks!

@Wayne Brooks Thanks so much for the insight. Any idea if the IRS's 120 day redemption period would still begin on the day the certificate of sale is issued (or does it start when the certificate of title is issued)? Or would it get pushed due to them not being notified?

@Wayne Brooks Thanks for the advice. I may pursue it in that case. Say I win this thing,  Would I contact the Plaintiff's Attorney about amending the foreclosure/serving notice to the IRS or would this be a new "case"? 

@Wayne Brooks Thanks for the clarification! I re-reviewed the complaint and the list of summoned parties just to confirm the IRS was not named. They aren't.

The auction for the property in question is tomorrow so unfortunately, I won't have enough time to perform proper due diligence on this one and will probably pass. I think it could be a great opportunity but there are too many unknowns for me at this point.

This is good to know moving forward. 

Hey all,

I am interested in an upcoming auction at the courthouse steps. There is an IRS Lien filed against the owner. I wanted to make sure I understand what that means and was hoping you can help:

IRS Liens recorded on 6/8/11 & 6/24/15 (the one recorded on 6/8/11 is for back taxes all the way back to the tax period ending 12/31/2007) Total Lien of about 130K.

The foreclosure is for a mortgage originated on 4/11/2008, it was re-assigned on 5/2016 and modified on 6/2017.

Some other information:

• The IRS is not mentioned anywhere in the mortgage complaint or was not named in the suit by the bank's attorneys.
• I am based in Florida.
• The home is probably worth 200K (ARV)
• The foreclosure judgment is at 126K (so there is some meat on the bone)
• HOA lien ($1500)
• IRS Lien (130K)

Based on this info, would you agree that the IRS Lien is junior to the mortgage? That it would be wiped at the sale and at that point I would have to deal with the 120 day redemption period? I am okay with waiting on making any improvements during this period if I can get it at a good price. I would get my money back if the IRS did decide to go through with the redemption including any court doc fees etc correct?

Thanks so much for your thoughts!

I would state "rent to own" as "owner financing" would probably be confusing to the average joe.