All Forum Posts by: Martha Blumel

Every short sale I've done had a full release from the mortgage. If Chase took this position, it's likely the borrower doesn't qualify under a financial hardship....he just wants to get rid of an upside down property. But, being that it's been empty for years doesn't really fit with that situation either. The only way you'd get a real answer is to go thru the short sale process again.....listed property, executed sales contract, short sale package along with financials submitted by the owner, etc. If you PM me the address, I'll check additional liens, foreclosure status, etc. You mentioned BK in the title. Was it discharged in chapter 7? If so, there is no possibility of a deficiency.

Thanks Wayne, I appreciate it. I already have a friend looking into the title work for me. His BK was actually chapter 13.

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I look forward to it!

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I have been speaking to an owner of a property, that I am interested in, who tried a short sale before and Chase wanted a deficiency judgement against him, so he did not move forward with it. The property has been sitting empty for years and he wants to get it "off the books," but does not want to be responsible for the remaining balance. He is going to sign an Authorization to Release information so I can speak with the bank on his behalf. My question is, what are the chances that Chase Bank will accept a Waiver of the Lender’s Right to Seek a Deficiency Judgment against him in Florida? Has anyone successfully done this before?

Any and all advice is greatly appreciated.

Thanks,

Martha

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Welcome to BP @Jason Stern!

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Thanks @Denise Evans and @Rick Pozos for that thorough information. I am in need of this form as well and will search on the bank's websites.

@Dan Dwyer we you able to successfully use the Authorization to Release Information forms to obtain the information that you wanted?

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Originally posted by @Jeff Rappaport:

Emory,

Expired listings are a great source of leads if you know what to do with them. You may find a conventional wholesale deal every once in awhile. In my opinion, the real money in expired listings is creating either owner financing or doing a lease purchase. You can wholesale both of those type deals to another investor or an owner occupant. Just work out the terms of the deal and pass it on to someone else (assignment). You collect a fee and are done! If the numbers make sense (equity, low payment or great terms) you may want to stay in the middle of the transaction and collect a nice monthly cash flow and a nice payday when your new buyer gets a loan and cashes you out. Please don't try this without the right type of training and knowledge. Any type of wholesaling can get you in some trouble if you are not careful. Hope that helps!

This is great info. Thanks Jeff. I will definitely keep this in mind for lease options.

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@Daniel L. Yes, Palm Beach REIA is good. They have their meetings and lunch in WPB. There is also Tropical REIA (Boynton), BRIC which I think is now down in Deerfield, Distressed REIA in Boca. I am not sure about any in Broward. Do a search on Meetup.com and you should be able to find them.

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Originally posted by @Jon Huber:

Thanks @Lucas Machado...

Yes, @Charlie DiLisio. We just had our meetup this past weekend, but are looking to meet again Feb 6th. I'll be sure to tag you in the next post!

Keep tagging me Jon. I think it's a great idea and look forward to meeting everyone.

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All Forum Posts by: Martha Blumel

Martha Blumel has started 12 posts and replied 79 times.

Post: Looking to invest in Real Estate: The top 5 cities in Florida

Post: First closing in three weeks

Post: Owner in BK- Shortsale and Deficiency Judgment

Post: Coffee with Investors in Delray Beach, FL on February 13th, 2016

Post: Owner in BK- Shortsale and Deficiency Judgment

Post: New To BP

Post: Lookng to Speak With Seller's Bank - Authorization to Release Personal Information?

Post: Expired

Post: Real Estate investor and Finance Professional

Post: Looking to mastermind with a group of REI in south Florida.