All Forum Posts by: Nate J.

@Ian Ippolito , awesome site. Are you aware of any of these platforms that do hypothecation crowdfunding loans? Basically, I have a 1st deed of trust/note on a property for $50k and the house is worth around $500k with no other liens. It's past the balloon date so it can be called due at any time but I don't want to sell outright as I may need as leverage to collect on a larger judgment I was awarded against the owner/company on title. Appreciate any help you can offer.

@Wayne Brooks Yeah of course. Since I'm in first position I would have to be notified in either of those instances and I believe we would request a stay on the sale or refinance based on the conversations I've had with my attorney. Obviously I wouldn't do anything without discussing with him first, just trying to get all my ducks in a row so I make the best use of his $325/hr :) Thanks for the help!

@Wayne Brooks property was purchased as investment and held in an LLC so homestead wouldn't apply here. Either way, it would only protect $150k and there's about $450k of equity. That's why I don't just want to sell the note outright in the likelihood that I end up with a second judgment lien. Just need to pay to play to get there.

@Tom S. the foreclosure is approx 120-day process. I don't need the money for the foreclosure, I need it for attorney fee's and debt incurred related to this lawsuit. The DOT is a small fraction in relation to the larger judgment but there are additional attorney fees/costs to start the collection process.

@Wayne Brooks according to my attorney I can go after the equity in the house from the larger judgment. 

@Rick Pozos thanks for the response. Yeah, I understand what you are saying. I guess the biggest benefit would be that since it's past the balloon date it would be easier to collect the balance rather than have to wait until it goes into default. Also with the amount of the loan vs the house value. Figured it would be private investor anyway, just wanted to make sure it could be done before I start reaching out. 

Hi Roman, thanks for the response. I've explored all other options and unfortunately, it's needed to do what is necessary to go after a much larger amount that is owed. I have a company lined up that will do the foreclosure for $1,500. 

I don't think BiggerPockets allows for soliciting lenders. Any suggestions on finding a private lender for something like this other than local investment groups/meetups?

Hello, I have a $50k deed of trust in 1st position on a property worth around $500k. There are no other liens on the property and the balloon due date has already passed. Long story short but I have an additional judgment against the owner of the house and I need to wait 3-4 weeks before I can start the foreclosure process and start collection proceedings. I need to take care of some attorney fee's and some other expenses incurred related to this lawsuit. 

Is it possible to structure a loan against the deed of trust using it as collateral?  I don't want to sell it outright as I may need it for leverage to collect on the larger judgment. Appreciate any help/advice on this, thanks in advance!