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All Forum Posts by: James Harkness

James Harkness has started 6 posts and replied 189 times.

Post: Sale/Leaseback

James HarknessPosted
  • Real Estate Lender
  • Philadelphia, PA
  • Posts 216
  • Votes 112

Say you bought an office to run your business out of 3 years ago in Florida for 350k. You make payments every month on a 350k mortgage at lets say 3000/month. Now the property is only worth 70k. Someone comes along and buys it from you and the bank in a short sale for 70k. They lease it back to you for less than 3000/month (could be substantially less and still cash flow nicely for the new owner). Thats the upside, but I don't know of any banks allowing that. I have people try to pull that every day, but the bank I work for doesn't allow it either.

Post: Stock... what's hot for you guys

James HarknessPosted
  • Real Estate Lender
  • Philadelphia, PA
  • Posts 216
  • Votes 112

Yea, 25% over night isn't bad... but I hear they are rejecting the offer, so it will be interesting to see how that plays out.

Post: Stock... what's hot for you guys

James HarknessPosted
  • Real Estate Lender
  • Philadelphia, PA
  • Posts 216
  • Votes 112

I've been dumping a lot of money into PFE. Loved it when it was down in the low 14's, still like it at $16.50. I think it has long term upside, plus at 4.4%, it has a nice yield.

Post: Any Creative Solutions?

James HarknessPosted
  • Real Estate Lender
  • Philadelphia, PA
  • Posts 216
  • Votes 112

I am not an attorney, but from my experience, if the mortgage is discharged in the bankruptcy, and there is no equity in the property, the bank proceeds with foreclosure. The bank can also get a relief of stay from the bankruptcy court, and proceed with the foreclosure during the bankruptcy. I know this to be true for commercial properties, but am not certain about residential processes.

Post: Help!!!!! Solutions for owner in pre-foreclosure??

James HarknessPosted
  • Real Estate Lender
  • Philadelphia, PA
  • Posts 216
  • Votes 112

From what I have seen as an Asset Manager, short sales are only possible when a property is under water. Sounds like there is some equity here.

Post: How much should I ask for off of Rent?

James HarknessPosted
  • Real Estate Lender
  • Philadelphia, PA
  • Posts 216
  • Votes 112

I don't think you are entitled to anything. You haven't paid in 3 years. They don't sound like the nickle and dime types to me if they let this happen.

Post: calling mortgage companies for foreclosures

James HarknessPosted
  • Real Estate Lender
  • Philadelphia, PA
  • Posts 216
  • Votes 112

Without being authorized to speak on an account, a mortgage company or servicer will not share any information with you. Even if you sign a confidentiality agreement, the servicer will not give you a list of the loans in FCL because they don't want you to broker the properties. The only way to handle it is to find a property that you are interested in, figure out which company holds the note, and then try to call. Even then, without authorization to speak on the account, you may have issues.

Post: Need help ranking this tenant

James HarknessPosted
  • Real Estate Lender
  • Philadelphia, PA
  • Posts 216
  • Votes 112

Were the lates on credit card payments? This could show you that when this person does not have all of the money to meet all of their financial responsibilities, they take care of their biggest responsibilities first, such as rent and car payment.

Post: Planning for the future, holes needed for my theories

James HarknessPosted
  • Real Estate Lender
  • Philadelphia, PA
  • Posts 216
  • Votes 112

Look in the rental forum for the 50% rule. It simply states that over time, expenses will total 50% of your monthly rents. That leaves 50% for debt service and profit. A 700 dollar per month rental will have 350 dollars per month in expenses, leaving you 350 to pay your mortgage and for profit.

Post: Planning for the future, holes needed for my theories

James HarknessPosted
  • Real Estate Lender
  • Philadelphia, PA
  • Posts 216
  • Votes 112

Quick no brainer... contribute the maximum amount to your 401k that your company will match. Its free money.