All Forum Posts by: Joshua Weaver

I still don't know how I would ever be able to contact the right department to pay off the mortgage and acquire the deed.

@Jerel Ehlert, Thanks for the response. The suit allwoing the foreclosure is the HOA. That will be paid off in the sale. Based on the title search and what the Sheriff's office told me, the primary mortage is not included in the sale. This must be a unique situation because when I talked to the lady at the Sheriff's office a few weeks ago she told me that all liens are generall wiped clean at the Sheriiff's sale.

My problem now is I can't get a hold of anybody at Chase Mortgage that can tell me the process for paying off the lien and acquiring the deed. I'm not the mortage owner so they won't give me any information. I was told to send an email to lien.release.customer.research(at)jpmchase.com. It immediately bounced back and asked for all these documents and information that I don't have. There was a phone number at the bottom that didn't work. When I called customer service back, I talked to two different people. They didn't even know what a Sheriff's sale was and didn't even know the Lien Release Customer Research Dept existed and couldn't find me an updated phone number. The email that bounced back was signed by that department.

Hello,

I'm considering purchasing a house at a Sheriff's sale. Unfortunately, the mortgage is no covered by the Sheriff's sale. Through a title search, I found there is still a mortage from 2001 that started with a balance of $125k. There is no way to find out the balance, but if you just run a mortgage calculator and assume an interest rate of 7% (what they were in 2001), the calculation shows there could still be a mortage of $70k. Would everybody agree that I shouldn't purchase this? 

The starting bid is $96k. The value of the house is probably $225-250k in good conidition. It needs at least needs windows, AC, and updates. Can't go inside to see what condition it is in. There is still stuff from the owner inside... Seems like a weird enough situation that I think I'm going to avoid it. It's been vacant for 2 years, but looks ok inside. The water and the electric are off.

Investment Info:

Single-family residence buy & hold investment in Indianapolis.

Purchase price: $246,000
Cash invested: $4,000

I purchased this house as my residence and have rented out rooms to friends of mine. The mortgage is now $203k and I have about 12 years left before it is paid off if I keep making similar payments.

What made you interested in investing in this type of deal?

Figured I could afford a bigger house if I rented out rooms.

How did you finance this deal?

FHA with minumum down. Value went up quickly with repairs so refinanced to get rid of PMI. As interest rates fell, a year later I refinanced to a 15 year mortgage.

Hello, I'm new to Bigger Pockets and I'm looking for advice regarding a property that is up for Sheriff's sale. There is a house in a great location and neighborhood going up for Sheriff Sale and I can't find details for how this situation would work. The starting bid of the Sheriff sale is 95k. It does not include the mortgage which appears to be $30k. What I've been told by the Sheriff's office is they never advise anybody to bid on a property that has a first lien that is not included in the Sheriff sale because it could prove difficult to get the title from the mortgage company. You'd have to work out a deal with them to pay off the mortgage and transfer the title to you which may not be possible and you'd be at a loss. This is in Indianapolis. Does anybody have experience with this that would be willing to give advice? The official title search is happening right now and I'm hoping the title company will be able to advise me on this, but in the meantime I thought this would be a good place to ask for advice.

Paet of me says maybe I'll be able to get a better deal because fewer people will be willing to bid on it and part of me wonders if it would be stupid to bid if there is a possibility that I won't be able to get the title.