All Forum Posts by: Scott VandenBerg

Hello, looking for a REI meetup in the Fort Myers area. Anything going on right now?

Hey @Brandon Turner, can you think of anyone that might be able to help?

Hello,  I sold a property on Land Contract about a year ago.  We fully amortized the purchase price over 5 years with interest.  We also added a separate escrow amount for property taxes.  Buyer has been making very irregular payments (irregular in the frequency and amount).  Buyer is currently behind with payments.  I would like to produce an accurate loan statement so that we can both see where things are at.  Can anyone point me to a spreadsheet that allows for multiple irregular payment dates, and applies the correct amount to P&I.  Also, I am unsure how to handle the escrow payment as the payments are never allocated to P/I vs. Escrow.  Thank you

@Bill Bodziak, I would try to find an investor/hard money lender that understands Sheriff's deeds and have them redeem for cash. They could then sell it to your clients with the FHA financing for your pre-negotiated price (investor's profit will be in the sale). Tricky thing though will be the 90-day flip rule with FHA loans. Maybe the title company or a good attorney could figure that one out.

Brian, Could your current insurer transfer the policy to a new owner?

Has anyone ever purchased a lien put on a property by a utility? (Electric, lets say) What document is used to record the sale of the lien? Anything else to consider?

@Aaron Yates could this simply be a difference in State laws?

Hey BP community, I'll take my best shot at making a complicated question easy to understand without leaving out any important details... Here goes!

In Michigan: A house sold at a county sheriff sale to an investor for 35K, it has a value of 90-95K. The bank that held the 1st position mortgage was the one that foreclosed, and the investor overbid the bank by $1 to gain the sheriff's deed. There is a 6 month redemption period according to the SD. Redemption period expires in about 45 days.

I contacted the owner of the house to find out if I could buy his redemption rights - he had already sold redemption rights to the investor (he bought them to secure his interest). Owner did however clue me in that there was a junior mortgage for 80K. So, I called that bank today and it seems they will sell me the note for cheap – a few thousand (I don't think they want to own another REO property) What I am hoping to achieve is to have an interest in the property so that I can redeem it myself for the $35,001 plus interest and redemption fee.

I realize no one is offering legal advice, and I am awaiting a call back from a property attorney. I simply want to get a few takes on the strategy to compare. My specific questions are:

1)Does owning the junior lien automatically give me redemption rights, or do I actually need to foreclose? Michigan is non-judicial (I believe…)

2)Say that I redeem as a junior lien holder, would the original investor who holds the sheriff deed be able to redeem it back? (he bought redemption rights – meaning original owner quit claim to investor – I don’t know if this gives the investor any right to redeem or just that original owner surrendered any rights?)

3)If investor wants to or is able to redeem back from me, would he have to pay off my note amount of 80K?

Thanks in advance!

Welcome Nicholas! There is so much to learn here on site. I also encourage you to check out the West Michigan REI club on Meetup.

Hey BP, just wondering if there is anyone in the community active in Muskegon, Michigan. Know of anyone @Michael Lerch or @Brandon Krieg?