All Forum Posts by: Ibrahim Hughes

Hi everyone. I have a family member whose deceased Mother's house is scheduled for trustee sale.

I'm very knowledgeable about foreclosures in New Jersey but damn near clueless about them in CA.

He wants to postpone the sale while he works on obtaining a loan in his name for the property. Sale is scheduled for 12/28/22.

How can he postpone the sale? He spoke to the lender and they claimed they would postpone but I told him don't trust that.

I'm also waiting for copies of the docs from him so that I can review to see if they mention a specific procedure.

But Itm trying to see what Information I can obtain over this weekend. Thanks in advance.

I think the lesson is always do your due diligence with properties that have existing tenants. Unless the seller can show you a bank account where payments were made monthly and on time, I'm likely to believe that that tenant has always been a problem. You simply didn't know and purchased that problem. Lesson learned.

In the meantime I do agree. Don't spend any more good money after bad and instead hire yourself an effective and local eviction attorney.

Everything you're looking for can be found at your county courthouse. However the information may not be as straight forward as you hope.

For instance, you may find a lis pendens document but maybe not all of the details as to the reason behind the Foreclosure without digging deeper.

Or you may not be able to search for them via municipality.

Best to find a paid subscription service that provided fresh data (fresh meaning when it's first released).

Apparently they are at capacity right now and you have to sign up to be notified when they're back up.

I'm not familiar with the technology. Only heard about it but no working knowledge.

Is there another similar ai tool I should check out?

You need to work with one particular type of person when operating in this business: those who are passionate about what they do.

Find those who are so passionate about what they do that they would do it for free if they could, and I think you'll find the output people produce for you satisfying.

First thing that really comes to mind to me is the true status of the tenants.

Are they current?

Will the bank statements verify that?

Are there or have there been any eviction filings on any of the tenants? If so how many?

And I'm not sure if you mentioned it but who's paying the utilities?

It does sound like you need to invest in an attorney.

Yes this should be something you can do on your own providing 1) this really is a mortgage foreclosure and not a tax foreclosure (tax foreclosures in NJ require a specialized skill and experienced team - wholesaler AND attorneys - who can deal with the extra requirements and unique timeline involved) and 2) you understand and pay attention to the timelines in the mortgage Foreclosure.

Filing for the two week adjournments allowed here in a mortgage foreclosure is pretty easy. BUT what happens when you run out of those? You will still need an attorney experienced in getting more time from the courts.

We have 22 years of experience wholesaling and buying both mortgage and tax foreclosures so if you want to discuss a partnership of some kind feel free to inbox me.

This definitely isn't a deal at current numbers. Your $350k is a lot better. But you really want to get under $300k in this market. That rehab will likely run you $125k if it's a full rehab.

Have the seller do the probate on their own if they're up to it. Many folks in NJ are. Will take 1-2 weeks to get done.

Alot more expensive and longer (1-2 months) if an attorney is hired. Good luck.

If you decide to rent try STR (ie Airbnb) if the area supports it.