All Forum Posts by: William Byers

The second was definitely satisfied. I was confused when I found that on public records, and it was with Countrywide/WF. The write off/release makes the most sense. I confirmed the satisfaction by ordering the a title search. Only liens are $1350 for outstanding doc stamps, taxes are current.

I also agree that the exit strategy needed to be foreclosure. To bring this thread to closure, I went by the property to determine condition. It was rehabbed, but the roof didn't get replaced and there is definitely water damage. When I ran numbers, it only worked for me to buy the note at $10k. I called seller and told him, and he said he had someone else lined up @$18k. I thanked him for his time.

Thanks again to all, I appreciate the great information.

Thanks to all for the insightful information. I also posted this issue on my local REIA thread, and everyone is clamoring for the details. A few more facts I have discovered in due diligence and in conversation with others:

1. Marshall Watson was the foreclosure agent (I was told they were a mill that got shut down). It got dismissed for lack of prosecution after no activity for a year. I have confirmed this.

2. The jurisdiction is Florida.

3. The home was rehabbed, fairly nicely. Current status unverified.

4. Taxes are current (2013 is paid), liens have not been verified yet but I can order a title search for $35.

5. Exit strategies suggested thus far include friendly short sale and modification rather than foreclosure.

6. It was never a contested foreclosure, and as I am told under the new laws, if I re-start the process, they would only have 21 days to respond or they could be defaulted.

6. This property is in my area and I am comfortable with values and can verify condition.

7. 2nd mortgage is satisfied.

Thanks again to all.

The original mortgagee was a Credit Union who filed the LP Feb 2010 but withdrew without prejudice 2/13. Note was assigned this past December along with a Lost Note Affidavit. I believe the it may not be enforceable on this basis.

I have a due diligence package, and comfortable with the value. I am using this opportunity to learn more about buying notes.

As Ben Franklin said, an investment in knowledge always pays the best interest.

Seeking advice from more experienced note buyers. I've been offered a 1st position, non-performing mortgage that has the following status:

There's a second of +/-50k. Home value is about $53k. I realize I will have to foreclose to collect ROI. What other considerations are there?

The seller is offering this note to me for $16k. Deal or Dud?

I have been offered a non-performing 1st and have the due diligence package along with my own comps and assessment. Anyone care to share their wisdom to determine if this is a deal or a dud? I can forward or share particulars thru a PM or email.

Contact Law Office of Larry Bernard. They handle investor transactions. The closing contact is Lisa.

let's talk. I'm a longtime jax resident.

Mark,

Longtime Jax resident here. Jax Beach is one of my target areas. Other beach communities adjacent to Jax Beach include Neptune Beach and Atlantic Beach. If you are interested in both RE ownership (personal and investing), make me a colleague and we can start some dialogue on how we can help each other out.

Kyle

Contact me, I would enjoy helping you if I can.

Bill

Gwen The one thing I see is your contract states your assignment fee is a commission. Not legal unless you've got your RE license. You in fact have "equitable interest" in the form of a purchase contract that you assign for consideration (assignment fee for equitable interest). It's critical your contract state "or assigns" and you assignment agreement use the correct language.