All Forum Posts by: Jeff Caravalho

@Jay HinrichsSounds good, homeowner will go down this week to check with sheriff.  They are a little leery about recording BSD.  I think it's hitting them that they are going to loose their house and only have a few thousand or so to show for it.  I was planning on giving them a finders fee, and some funds to maintain property until I sell.  I don't know what else to do to make them feel better, our last conversation got a little awkward.  Although, I think they'll be ok with it, they don't really have a choice...  

BTW Can I turn right around & sell or do I need to wait 60 days for 2nd lien holder to redeem, which never happens...Thx

@Jay Hinrichs Thanks Jay.  Is there a way to find out what opening bid will be or do I have to guesstimate based on amt. owed & interest per day?  Then add a dollar?   Tryin to figure out how to handle that first cashiers check, the big one...:)  Can it be blank?  Also, this house should go in the 200K range, what should my denominations be for bidding?  Is 1K  OK?  Thx.

@Jay Hinrichs Why is it better to let it go to auction & risk getting out bid, as opposed to paying off 1st, then negotiating short sale with 2nd where 2nd has very weak bargaining position (they will get nothing if it goes to auction, correct?)  Wouldn't they want to get something rather than nothing? Thx

@Jay Hinrichs  Homeowner is going to record BSD, with me on it, this week:)  I told him it had to go to auction.  He asked if it HAD to go to auction.  I said pretty sure.  He said he thought your buddies who sent them the original BSD were going back to the first mortgage holder (with BSD), offer them the payoff, then go to second and offer small percentage owed, reason being they (2nd) wouldn't get anything anyway at auction; better something than nothing.  Is this something they (and therefore I) could do before auction?  I just want to make sure there is no way I can get it before auction without liens reattaching. Thx.

ps. He also said he new someone in south who would bid for me:)

@Jay Hinrichs Thanks Jay, will keep you posted

@Jay Hinrichs Thank you so much!

@Jay Hinrichs Should I have an attorney take a look at it when I'm done?  Is there a way to record it from afar?  Or do I need to be there?  Or can the homeowners do it?  Also, can you describe the process once the B&SD is recorded?  Does this go to auction, and if I win great, but if I don't win can I use B&SD as a bargaining chip?  This is all pretty foggy right now so thanks for clearing things up. 

@Jay Hinrichs Thanks for the bidding offer, very generous of you, but this one's in the south.  However, I'd like to examine your optimum situation, the idea of them giving me the deed prior to sale.  Can you elaborate on that?  Are we talking about the bargain & sale deed that your buddy :))) sent to them?

ps. They probably are your buddies because they are in Portland too :)

@Jay Hinrichs are you saying I could be a little more aggressive at the auction because I know my friend will not exercise redemption rights on me if I win bidding?  Thx

@Wayne Brooks 1st mortgage holder is plaintiff, homeowners and second mortgage holder (and any other lien) are defendants.  Isn't all 1st is concerned about is getting their money back?  How do they come up with the opening bid at the auction?  I was under impression I could offer 1st mortgage holder the amount they are owed and obtain title before the auction somehow.  Or do I obtain title from the homeowners via this sub2 form?  They may do it for me.  Or do I have to wait for the auction and possibly get into a bidding war

Thx