All Forum Posts by: Benjamin Cowles

ashish, small world. I don't have any input for your question but I'm also from the bay area and last place I lived was San Bruno about 12 years ago before I came here. Grew up out there in Pacifica, lived in surrounding towns. Anyway, I'm still learning the ropes here and have similar plans for real estate. Good luck.

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Originally posted by @Michele Honer:

So what is in it for an investor to do a subject to???

I believe possibly better terms. I'm looking into foreclosures atm and this method of acquisition and as long as you get the right price depending on the balance and owner's situation, whatever you do with it, resell or hold, you got in it without traditional financing which is a barrier for many myself included.

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so what happened with this?

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Originally posted by @Bill Gulley:

...

When a seller sells subject to, they can advance that underlying obligation to be assumed as a secured interest, in a wrap with excess equity you would include the original amount and combine the second amount or secure the first and file the second.

Bill can you explain this part? It went completely over my head.

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Originally posted by @Wayne Brooks:

Peter, you've been reading too much propaganda.

1. The 5 year statute of limitations, is 5 years, from the actual acceleration of the note, to Start the foreclosure, not finish it.

2. The supposed "fraudulent" mtg assignment is irrelevant. Mortgages held by, and transferred 5 times by, MERS are upheld every day. In Florida, the mortgage "follows the note" anyway, no assignment of mortgage has be done to foreclose.

3. The "show me the note" Never was a defense, only an ineffectual theory by people who didn't know better, and by attorneys trying to lure in defendants as clients. Perhaps half of our foreclosure s do not have the "original" note. Copies of notes, with Lost Note Affidavits are the norm here, after the David Stern blow up.

The fraudsters tried the Quiet Title suits (Quit Claim is a type of deed) scam on the banks, and it went nowhere.

Oh, and by the way....when buying a property at an HOA auction, with or without equity....if the judgment is $30k, and they let it sell for $10k, the buyer is still responsible for the balance, plus whatever dues accrued after that judgment.

Good luck!

You mean 20k left over after the sale price of 10k? Is that to say that regardless of the judgement amount the debt left over remains and can be sought after in other ways? If so is that standard and are there scenarios where the debt gets wiped away?

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How do all these assignments work? MERS has the note, what interest do the rest have? What role do they play?

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Has anyone used non-exclusive contracts to avoid holding the property up? I've only read a little about them.

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I'm curious what the post office rules are for the recipients of mail are. I imagine if you don't put in a recipient it will get returned, but what exactly must be entered in the recipient field? My particular curiosity is in the title of this thread but also in general in how the PO qualifies the recipients field. Anyone know?

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Originally posted by @Kim Stofan:

Thanks for this thread. I had a question about mailing to a property that is titled in a trust...

I found a vacant home next door to my friend's house. He told me that the owner had past away recently. I found that the property is in owned in a trust. Should I mail to the actual property address, the address of the trust, or both? Thanks ahead of time!

I'm curious about this too. I've been mailing to trusts myself to the subject property not considering no one lives there but someone has to pick up the mail at some point right? Otherwise you're suggesting going a step further and tracking down the members of the trust to mail to them directly. I'd like to see what others do

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So let me get this straight, FHA will only consider so much of

1) seller concessions part of your up front costs with their loans because they want to provide financial assistance towards mainly the purchase price of the home(?) and

2) rent credits towards your down payment because they want to make sure you’re not engaging too much with the seller in a seller financed agreement as part of the SAFE act?

Hopefully I've just answered my own questions but mind you it's taken me like a couple years to formulate these concepts as I've done my best here to explain them lol. I was in special ed classes as a kid for comprehension mostly btw. I'm sure I've read a good few chapters on these topics but as with a lot in REI it takes me a while to get just the jist of them. Am I at least pretty close so far? Thanks

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All Forum Posts by: Benjamin Cowles

Benjamin Cowles has started 92 posts and replied 441 times.

Post: Cape Coral Advice for Rental Properties

Post: Subject To

Post: Structuring a rehab deal to profit split with homeowner/seller

Post: How To Structure a Subject-To Transaction

Post: Florida HOA sale..Robo signers, Statute of Limitations

Post: Florida HOA sale..Robo signers, Statute of Limitations

Post: Wholesaling others Craigslist ads

Post: will PO deliver mail addressed to estates, trusts and llc's

Post: Direct mail: lists and mailing to trusts?

Post: A couple questions about FHA and seller concessions and rent cred