All Forum Posts by: Eric S.

Personally, I avoid Cook County.  I have too many bad memories from my days as a landlord.  You can spend 10k on the FC case, and if it is contested it could go on forever.  Not to mention city violations that could add significant expenses via fines, court hearings, etc., break ins, a long painful eviction process after judgment, etc.  

Besides the requirement to register as a debt collector, I believe that your LLC must be registered in Illinois as a foreign entity-another expense-in order to access the court system.

My issue is that it's a crapshoot and for me not the risk for lower value first liens.  

Do you have an electronic copy of the signed note?

Hi Everyone,

I know I am late to the game, but I am an active investor in both performing and non-performing notes.  I don't invest in Illinois for a variety of reasons, but I am located in the suburbs of Chicago.  Let me know if I can help in any way.  

Fellow Note Investors:

Is anyone aware of a state-by-state overview of Statute of Limitations laws as they relate to notes secured by real estate?  

I want to make sure I have the right to foreclose on some of these older 2nds that I'm reviewing. 

I've done my own research, and a lot of the info was conflicting.  Any clarity you could bring to the issue would be helpful!

Thank you!

Hello Note Investors, I am doing DD on a non-performing note in Maryland and have heard rumors that there may have been a recent change in Maryland foreclosure law that may negatively affect me. I looked for info online, but did not find anything. Can anyone help me out with any intel here? Thanks!

@Account Closed

I looked at a Texas seller finance deal that was self-serviced recently, and the servicing records/pay history was a hot mess. What if you buy the note and the borrower disputes the UPB, payment history, etc?

The solution here is to have the borrower sign and notarize an estoppel agreement that stipulates as many of the terms of the loan as possible.  The issue is getting the borrower to cooperate, but I would not buy it without.  

Also, I would recommend having an attorney who specializes in seller finance deals review the file before purchase.  I have a recommendation if you need one.  

How about sharing some of these leads with us?  I love Texas seller finance deals!

Hi Chris, 

@Chris Troutner

I just bought a non-performing note in New Port Richey and am looking for a realtor.  Could you let me know who you end up using?

Fellow Note Investors,

I am reviewing the Chap 13 BK filing and plan in Pacer on a 2nd mortgage that is 100% secured.  The Chapter 13 plan calls for the arrearages to be repaid over 60 months, but does not include the original mortgage payment anywhere in the plan.  

Once the debtor reaffirms the debt, is it a given that the debtor will begin making the regular monthly payment as well as the payment towards arrearages during the term of the plan?

I want to make sure that since the original payment is not in the plan, that the plan does not create a "forbearance" in which the debtor only makes payments towards arrearages and the monthly payment is put on hold until the end of the plan.  

Thank you for your help!

Time to recapitalize!  Let me buy your reperforming 1sts or 2nds!  Sale prices up to 65k.  I can also purchase small pools of reperformers.  Due diligence completed quickly, and money wire to a mutually decided escrowee.  

This was the first book on notes I read as a burned out landlord looking for an investment alternative.  It is both informative and inspirational, and highlights why notes are such an amazing investment.  Awesome book,  @Joshua Andrews!