All Forum Posts by: Micah A.

Aloha @Bob Malecki,

I am registered and will be attending. Looking forward to meeting other BP note investors.

Thanks @Brandon Turner for putting on this meetup. It was nice to meet other BP members and hear about their investments. Looking forward to the next one!

 I should be their by 12:00. How’s parking?

I plan to attend. Looking forward to meeting everyone. 

 I’ve actually reached out to Note Servicing Center and they’ve responded by asking which state the loan is located in. They said they don’t service loans in all states. If they aren’t able to accommodate me my next attempt will be with Allied Servicing. 

When I listened to BP Podcast Episode 28, I learned that @Dave Van Horn owns a  business called PPR Note Co and they offer an investment product called a “Note Fund” which is a hand picked pool of notes that accredited investors can participate in. That in my opinion is as passive as it gets for note investing. 

From your line of questions I assume you’re looking for a mentor to guide you in the note space. In that case you’d have to assess what that mentors wants or needs are and see where you fit. If that mentor is looking for a contractor to rehab post foreclosure then you’re in luck or maybe he/she’s just looking to partner with financing. You’d have to approach a potential mentor and ask them “how can I help you”. 

Interesting, does this put me at risk as the note purchaser? I purchased through FCI Exchange and elected FCI Lender Services for my servicer.

My advice as a new note investor (6 months total): I'm currently in foreclosure with two notes and it is a very long and expensive process. Foreclosing through a servicing company helps but the time element is uncontrollable by you. No matter how quick you are with submitting documents and replying to inquiries you still have to wait for things to play out. If you have the money to buy a NPN and sit on it for 12 - 18 months that's great but you could have bought a cheaper PN and been collecting payments for that amount of time instead.

A blue chip stock will return 7% annualized.

I also agree that foreclosing on homeowners who occupy the property is not right. There are other ways to make money without hurting borrowers.

@Don Konipol

"(b)Escrow accounts -

(1)Requirement to escrow for property taxes and insurance. Except as provided inparagraph (b)(2) of this section, a creditor may not extend a higher-priced mortgage loan secured by a first lien on a consumer's principal dwelling unless an escrow account is established before consummation for payment of property taxes and premiums for mortgage-related insurance required by the creditor, such as insurance against loss of or damage to property, or against liability arising out of the ownership or use of the property, or insurance protecting the creditor against the consumer's defaultor other credit loss. For purposes of this paragraph (b), the term “escrow account” has the same meaning as under Regulation X ( 12 CFR 1024.17(b)), as amended."

Your post was extremely informative. What I'm wondering is how did this loan pass origination, get sold, then bought,  if it violated the requirement quoted above? In summary, no escrow should have meant no loan or am I missing something?