All Forum Posts by: Ron S.

It's interesting how many people don't read the entire post. No, you cannot use your VA eligibility to bid on a home at a foreclosure sale in New York.

Once the sale has occurred, if the property reverts back to the lender (Meaning it didn't' sell to a 3rd party), then yes, you can use your VA eligibility to purchase, if the seller (Bank/servicer/credit union, etc.) accepts your offer, and, if the property meets VA requirements (Section 1, etc.).

I sell the REO my bank takes back and I don't like VA because they try to stick me with fees and try to make me do repairs that we just aren't going to do. It's a great program for a veteran and a good program for a seller to participate in if the property is in good shape but not always the best option for a foreclosed property.

The borrower could request a postponement if its a full payoff. They would have to have a compelling reason to do so like a fully executed purchase and sale agreement and proof of funds necessary to close. It would be in the lender's best interest to do so. You as the buyer have no sway or say so in it. 

 I can sell you a list if you want a list. I'll make it expensive so it seems valuable if that helps.

There is no such thing as "90 day late" leads. That's called a credit report and you are not eligible to receive a credit report on any borrower where you do not have permissible use of that information. Marketing to them would not be permissible use. That would not even be legal.

Anyone telling you different or offering you anything that says it is leads of delinquent borrowers is either lying to you, lying to you and making stuff up or, lying to you and violating state and federal statutes. 

While foreclosures are public, delinquencies are not public information.

No. There is no chance you would "owe" the $3MM in IRS liens. That said, there is some new case law that says the IRS does not waive their rights after 120 days. While this is limited to non judicial foreclosures, its still a concern. Check out the case: Show Me. State Premium Homes, LLC v. McDonnell, 74 F.4th 911

And no, this is not a scary scenario. Get a prelim. Make sure your sale is the senior lien holder.

you don't need to be on title to file a bankruptcy to stop a sale. That said, when you have your 341 hearing or, whenever the legal owner gets notice, you'll have to prove the property is your asset in order to keep it under BK protection otherwise, the bank will get relief from stay (They will no doubt file a motion for relief). It's an effective temporary measure to buy a small amount of time to figure things out but its like poisoning the well, it will have long lasting effect on your personal credit and dismissing the BK won't change the credit impact.

If you are doubting the validity of the lady's claim to the property, file a quiet title action and have her prove it belongs to her. Wells Fargo would have a duty to notify the mom on title in any foreclosure action. That could (Could doesn't mean does) mean mom is showing on title to Wells so, she would have (could) reason to pay the loan off to avoid losing it in foreclosure, if that is a viable option.

It would not appear any solution is without cost. Especially when time isn't on mom's side.

 Continue being triggerred.

 ...which she isn't going to get from a utility company. She said nothing about buying it before sale. She said was going to "Bid". That really does mean at sale, not before. I get bidding probably means something different for you but in this context, a foreclosure sale, it means she will try to buy it at the public sale.

I know your feelings are still hurt from my other post. Maybe you can troll some more of my posts and try to pick them apart? I can wait...

Quote from @Account Closed:

Quote from @Ron S.:

Quote from @Account Closed:

Quote from @Shari B.:

I am shopping around for a cash out refi on a rental property and have a couple of very good prospects. Conventional loan, excellent credit and reserves, nothing owed on the property and the property is seasoned. One of the mortgage companies has approved me, subject of course to an appraisal. They want me to sign something that lets them start the title search. Is that customary? I mean, I'm not sure if I want to go with this lender yet, as I'm still waiting for the conditional approval from another lender who might come with better terms. If I let the first lender start the title search am I bound to go through with the mortgage with this lender? The broker that I am talking to says that this is standard.

Let's say it is standard and it doesn't bind me to go forward. Should I feel bad if the lender spends the money on the title search and I don't use them? Thanks!

We have favorite title & escrow companies in each of the communities we buy in. So, we incur little if any cost on prelims. It is slightly different. However, you may be charged for a title search, but it does not bind you to doing business with them or that lender.

When you buy bread, if you don't like what is being offered at one store, you can put the loaf back on the shelf and go to another store.  It's the same with loans.

On a $400,000 loan for 30 years, a 1/4% interest difference costs you something like $23,000 in frozen costs not to mention that you could be investing that money along the way.
Here are some of the companies owner by Fidelity National

All of the major title companies get their titles through 

FIDELITY NATIONAL TITLE INSURANCE COMPANY

and their list is something akin to 

And on it goes. 

this was not useful.

Nor was your comment required.

 No. it was completely required.

 Easy killer.....easy. you're gonna blow a gasket or better, get kicked off this forum.