All Forum Posts by: Matt James

I did some due diligent research on this company as I am also considering to use them due to low price but worried about scam. I could not find e1031xchange as a business entity in the State of New York (https://apps.dos.ny.gov/public...). Called up to them and they asked me to search for their lawyer name.  I found an entity names  "JERRY M. FEENEY PC" which was registered in 2017 but seems not renewed later. I was told they were doing this business since 2010. That makes me feel suspicious and my decision is to go to another one.  Please share your thought and experience. 

Hey all, I have just purchased a 4 units multifamily property through county auction. Just made the payment but have not received the certification of title yet (taking 3-4 weeks).  I am thinking the tear it down to sell the land.  The current property is in bad physical condition. Please advise what is the correct procedure to evict the current tenants.  They signed contract with the original owner but I have no way to contact the original owner.  BTW I am in Florida. 

Thank you!

Thank you Kevin for making it clear. It really helps! 

Do you think if the HELOC lender will be able to file for the surplus fund, is that correct? 

Thanks, if I understand correctly, the HELOC lender will be able to file for the surplus fund, is that correct?

I found it out by searching for the name of the older home owner. It is a mortgage document talking about how much credit line they give them. I never find a lien from them in the subsequent years. 

We bought a property through county auction. There was a HELOC mortgage put on the property years ago and the property has been transferred 3 times since that HELOC. Obviously our title search did not find it prior to us biding and winning it. Now I just felt it is a ticking bomb waiting down the road for me. This foreclosure was a HOA foreclosure and the primary loan mortgage already has a release on it. So there is a lot of surplus fund left after the HOA took only a small portion. The HELOC bank had never record any liens, lis pendens on the subsequent owners over the 16 years period after the HELOC mortgage recorded.

Can you please help analyze my situation. I was told the primary mortgage is considered superior lien and cannot file for surplus fund. Is HELOC mortgage considered the same and cannot file for the surplus fund? Should I notify the HELOC bank to ask them to go after the surplus fund from the auction? The auction just happened this week, so should have enough time?

I am also puzzled by why the bank did not do anything in the past 16 years. Could it be the original HELOC borrower secured the line of credit but never took the money?

Thank you in advance.
 

Thank you all for your input. 

The HOA was notified of the Lis Pendens but they didn't do anything at that time. Would that be considered their failure to act and lost opportunity to ask for debt afterwards?

At the same time, can anyone recommend a good Florida lawyer for this matter please? 

Thanks Chris. I see. That makes sense. The original home owner gets the left over. Now a follow up question is: If the auction was done and payment was made. After a few months, if the HOA jumps out claiming there was a 10K against the house but they did not put a lien on it before the auction. Can they claim it now against the left over money? Or they have to claim against the new owner?

Appreciate it! 

I have this question bother me for a while, can somebody explain to me where does all the foreclosure proceeding go? For example, if one won a bid through a county auction for a traditional mortgage foreclosure. Say the winning bid is 300K and this person paid the full 300K plus all the fee/tax to the county clerk office. If the final judgement for the bank is 200K, I assume the bank as first mortgage will only get the 200k. If no other party claims the lien, then where does the extra 100K go, to the bank or to the county? If after the auction, the HOA claims that there is also a 10K debt to the HOA, can they go after the surplus 100K paid at the auction or they have to go after the new owner/auction winner? Thanks

Jonathan, really appreciate your input! 

Hey, friends, any suggestions or advices?