All Forum Posts by: Jay Raught

@Jason D. You could try that but you wont get very far right off the bat. You have to develop relationships and be persistent. I do not think that is the place to start early on. If a bank gave you 2 million worth of NPN what would you do with it?

Much of what you suspect is true. Lest we forget how you must record information in each county!!

Lol @Jay Hinrichs... I will use these as a great learning tool. What I have learned is valuable. 

In May 2016, we purchased 4 CFD's in Ohio. I wanted to share a brief update on what has transpired since then. The CFD are located in Columbus, Akron, Toledo, and Dayton, they are no longer notes, they are now REO's....well three of the four are.

Here is a snippet of what is going on with each property.  

Columbus - after receiving collateral and the deeds in our possession, the property was abandoned / trashed and the grass was 3 feet high.  Through connections in Ohio we found an awesome realtor, and  a contractor who is handling the rehab on this property. We secured funding via a hard money loan and will put a mortgage on this when finished.  

Dayton -  What looked like an occupied property ended up being vacated recently. They even left their vehicle behind. The borrower gave up property for nothing in return.

Toledo - Working through a Deed in Lieu process, payment pending verified clean out and clean up of home.

Akron-  We know someone is living there but have not responded to the door knock so we are on to the next step in the process....

I wanted to share this story so you can see how much things can change in a few months. Even from due diligence to receiving of collateral!!  It has been interesting to say the least!!!

Define broker.

@Jeff Smith I think it is the same.. you might want to check. The scuttlebutt is they are out of the servicing game. 

@Jeff Smith Peak is out of the servicing game, or is Peak Corporate a different entity?

Indiana wont do CFD or HELOC..

Check with each state, I just read Georgia will use it for both....

Program Details: Mortgage Payment Assistance

HomeSafe Georgia will pay up to 24 monthly mortgage payments directly to the lender (for first and second mortgages) for eligible applicants who have had an unemployment or underemployment hardship in the past 36 months and need help making the monthly mortgage payment.

I never talk to the home owners, the servicer does that. I am not licensed to collect debt. Everything goes through the servicer. You tell the servicer what you want and they reach out. They are your go between. You have to be careful not to self deal in situations. In some NPN situations you are not going to get any story from the borrower until you initiate foreclosure.