All Forum Posts by: Maximo Dejesus

Thank you all for the insight!

@David M.

Thanks for the reply. This owner has equity in his home and I offered to make payments for his equity.

The mortgage payments to cover existing loan and payments for the remainder.

Question is if he receives let’s say 500$ per month in equity payments will the 500$ per month show as income on his end? Will it effect his social security status? I believe you can’t make more than a certain amount of money or they take your social security away.

Thank you for any feedback.

I presented an owner with a sub to deal for his home and he asked how will the monthly payments he would receive for his equity effect his social security income.

He is afraid it will show he is making too much money every year and lose his social security.

 Thanks @Shawn McCormick

Update. Spoke with a lawyer this morning about the property, and he stated this property does not need probate. It has a right of survivorship clause.

I also found out that if i take the subject to route, the loan only has 13 yrs left.

@Shawn McCormick

If i wanted to keep for myself i would need to have the money to get loan up to date plus the 3k for the daughter plus closing costs which would amount to apx 30k which i dont have access to at this time.

Could i get it under contract for 90k subject to the 63k mtg and 24k in arrears and then seller finance to someone for a higher price? 

Could i list the property while i have it under contract for 90k and list for like 160k w/ seller finance terms?

Love to hear everyone's options on this.

 Thanks for your response. I was thinking that too. Get under contract start probate and wait till its end, if all goes well, transfer title through land trust and then pay back payments.

 Thank you for your response Caroline. Yes I will essentially be providing cash for keys. My thought process was don't do anything now until probate is finished and have it under contract in the meantime. I believe there is a niece that may have beneficial interest in the property. Thanks again for your response.

 Shawn, thanks again for your response. In reference to your timeline of actions, and again I dont know much, you obviously know more about this than I do so I am curious to hear your response to this question. Would it be more beneficial to get under contract first, then start probate, then if everything goes well there, conduct the title transfer w/ a land trust, then pay off back payments to get loan current?

Case just started so there is still some time left. Thanks again Shawn for your input into this situation. BTW, THIS IS A MOBILE HOME. ARV 155K ISH. Land 2 blocks away sold for 78k on market

 Thank you for your response Brady. Where would I go to find "Creative Real Estate with Pace Morby". Would that be on youtube? I will check to see if so.

Thank you for the link as well. Take care.

 Thank you for your response Shawn. Me and the daughter contacted the mortgage company to find out the steps needed for payoff amount. She contacted me and stated she received a payoff amount in the mail by the mortgage company. Here are the exact numbers.

Payoff breakdown.

Current unpaid principal balance 63,346.49 

non interest bearing principal balance 1,133.86

interest from 2-1-21 to 5-22-23    9,595.47

late fees 28.35

deferred late fees 408.82

returned check fees 25.00

deferred check fees 120.00

lender paid fees 4,968.38

escrow advances 5,285.50

legal fees 530.00

county recording fees 10.00

third party reconveyance preparation fee 20.00

total payoff amount 85,471.87

No personal rep has been assigned based on my conversation with the daughter.

When I said open case, yes i mean there is a lis pendens. A case number and it is open.

Probate has not started. 

My thought process was to get it under contract, start the probate process and take it from there. Based on court docs mortgage payments was 787 which is nice knowing market rent for a 3/2 is apx 2k mthly.

Should i quit claim 1st, get her out the house then start probate?

I was thinking get under contract for sale, start probate, then quit claim if everything goes well with probate.

Thank you for everyones insight.