All Forum Posts by: Enrique Paez

One more question? Just want to get it straight. The "due on sale clause" means that we have thrity days due for the full amount but it takes four months to process. Am I correct..

Well we really want this house. Believe me we have looked all over Mo-town and this is the best one so far. I know there are other properties we could get for less but not by much. For instance the listing on Mayfield which was the one you posted here. We saw it and others like it as well. Another factor we must consider is the lot size. Most of the homes around the square footage of 3800-4200 only have 5000-6500 sq foot lots. We are not looking anywhere else, we like it here in Modesto. But just because we really like the property doesnt mean I am going to pressure myself into something I am not 100% about. All you guys have been great in helping me out and I appreciate your time, I have tons of info here and I am still researching. I think right now I need to talk to countrywide and see what it is exactly what they often do after title gets passed to someone else. Will they foreclose, if so I would have to refinance or will they allow me to continue payments. Another thing is that it is not certain that the owners have defaulted on there first, even though it is highly likely I still dont have the proof. What I do know is that they have a 5.75interest rate on their first so that is not so bad to continue payments on. Another thing that worries me is the eviction situation. I have been scoping around and there are no signs of moving, in fact they are still watering their plants....I know, I feel like a stalker but I need to know for sure before I move on.

8)

Thanks Jon. Tell me how long did it take you to evict the previous owners?
Did you use certain tactics to get them to leave?

Thanks flipper. Dont mean to frustrate you I just want to get it down before I proceed. But if I do not act now I know the lender will list for 100,000.00. more then what I can get for at the auction once it is REO. HHMMM :beer:

What about when the second lien is auctioning off the property and you win, what then....

Quote"You had said the owner was not willing to deal.

Once the property goes to auction and it is sold the owner has no control over the property.

Yes your confusing me as well. The property is going to aution by the second lien at 113,000.00. The winner of the bid will retain title subject to the first at 313,000.00. Depending on the lender, the 1st lien would either want to get paid or the loan will be assumable by the winner. So basically the total amount being paid for this property will be at 426,000.00. I just looked on the MLS and a listing that is a block away from this property is listed at 550,000.00, it just went pending. Same exact house only it has a much smaller lot. SO I need to talk to the first lien lender to know whether the loan is assumable or not, if it is I am curios to what interest rate they currently have...Please anyone correct me if im wrong

WHat do you mean how

Thank you Heathen, I think I am going to go for it. If I could only get their loan info from the first lien to know what the payments are. Already tried calling them and they will not release any info to me. Any ideas....?