All Forum Posts by: Mark Matos

Hey guys I actually just did a loan with LOANGUYS. The guy I dealt with is named Morci. They are out of California. The property I bought is 5010 Whispering Pines Dr, Gainesville, GA. I bought the property for $170K. They lend me $193K but $40K was held in escrow for the rehab. 

So it was 153k for the purchase and 40k for the rehab, I had to come up with the rest. 

It was a bridge loan, 8.25% interest only payments for 12 months, 2 points. They required me to have reserves, experience, describe what I would do with the property and they did an appraisal on the property. 

Everything went really well except for the fact that they sold the loan to a hedge fund before closing and the hedge fund's fees were added to the loanguys fees and it all added up quite a bit so I changed my mind at the closing table and used a private lender that is friends with the closing attorney. 

Anyway, they are a real lender.

Hey everyone. Im looking for an attorney that is experienced in doing wrap around mortgages in Georgia. Anyone?

Thanks

Even though I don't consider myself a "turn-key" provider, I offer the same services.

How can I help you?

@Tom Gimer Thanks for the feedback.

I was a little concerned that the note holder would pursue a foreclosure, but that seems unlikely. First of all, the lender has absolutely no documentation to show how much is currently owed on the note. Second, when the current holder purchased this note it failed to inform the borrower of its contact information and how to pay the debt. On top of that, I highly doubt that the note holder has the original documents of the note. For those reasons, a foreclosure could be contested and would not be in the best interest of the note holder. 

What I am hoping is that we will strike an agreement that will be favorable to both parties.

I don't think the Title company will insure the title without clearing this note. However, I do hope that they will help me negotiate with the note holder. After all, the note holder cannot simply ignore the request to pay off the note, they must give the borrower the chance to pay it off before foreclosing.

Thanks @Andy Mirza 

That is exactly what I did today. It is under contract and my title company is now handling it.

I have a strong feeling that this note is unenforceable. But if that is the case, how can I clear the title from it?

Would title insurance be enough? My goal is to sell this property.

Thanks for the respons gentlemen.

Im debating purchasing the property subject to the mortgage. I will bring my lawyer into this one before I make a move tho.

Thanks again

Hello everyone,

I am trying to purchase this property but I'm having a hard time clearing the title. Apparently the 1st mortgage has not been serviced in 5 years or more and no moves have been made to foreclose either. There are about 20K of back taxes and other city violations to be paid. 

I contacted the note holder of record and told them I am purchasing the property and would like to pay off the note. The asset manager seemed not to have enough information on the property and told me she would call me back but I haven't heard back from her. I tried calling her a few times and I left voice messages but she has not responded. 

The owner of the property (the one I'm purchasing the property from) is not the original borrower. He got ownership of the property via Quitclaim deed and he claims to not have been aware that this mortgage even existed. So I was the one who had to track down the note holder and get in touch with them.

Anyway, the property has been abandoned for a long time and if I can get this lien cleared up for a reasonable amount this can be a killer deal. However, the note holder of record seems to have fallen off the radar. I suspect they don't have all the documents for this note since this mortgage was assigned to them after having been assigned many times over the years. 

Any suggestions???

Thanks

Hello guys... Good news! Today we spoke with the title company again and after some exchange of ideas they said they will insure it!

I am sincerely thankful for everyone's input and willingness to help. If any of you ever need any help, please, don't hesitate to ask.

@Russell Brazil

@Matthew Anderson

@Luka Milicevic

@Jenifer Levini

First of all, thanks for the feedback everyone. I appreciate the input and hopefully I will be able to get this sorted out soon. I am always open to hear more ideas and possible solutions. 

The title is held in joint tenancy, not TIC, so hopefully we will be able to make this happen.

I will keep you all posted!

Does anybody know of someone who offers a cash out refinance on a owner occupied property w/o seasoning period.

The property is in Georgia. My name has been on title for about 1 month. The house was quitclaimed to me. I want to get out about 50% of its value.

Thanks