All Forum Posts by: Terrence Evans

@Greg H. I didnt say it did. I was talking about probate and having to wait until probate is complete before the court allowing me to FC... On home equity loans.

@Wayne Brooks: I don't think that is always true.  I had a note on a TX property and I had to do just that.  It depends on the state law and the type of loan that is being foreclosed on.  Maybe PA is different, it being a jud state and all.

Just a question... This property wouldn't have to go thru probate? The heirs wouldn't be given a chance to settle up with the bank?

Sourcing...

Since I feel pricing for NPNs is out of hand, I am about to launch a campaign for seller finance notes.  The sticker shock of running such campaigns eats at me... But I always have to remind myself that I have paid brokers up to $2000 for my notes so far.  It really is no different.

@Jason Brown: When you say performing notes, are you talking about institutional paper or mom and pop seller finance performing notes?

@Andy Mirza: Do you use them as all inclusive DD (incl O&E, photos, etc)??

Since I'm here in SoCal I originally learned from the Note Assistance Program 3 years ago.  I am now doing my own thing with Mortgage Note Summer School with 4 other ladies on August 1. http://www.note-summer-school.com

@Andy Mirza : Well, LTV is relevant here for the reason you stated. What sellers HAVE to understand is that no one is buying their loan at par. There will always be a discount. But in all, the quality of the underwriting, documents, pay history, APR, as well as LTV will determine what the discount will be.

@Adam Walter You can also try to sell your note to FNAC.

@Caprice Claytor: Please check out the REIA I belong to -- LA South REIA based in Torrance. We have subgroups that address flipping, multifam, and notes.

Also there is a group called FIBI. They have multiple chapters in the LA area. All of the REI groups are online now so it is easier to make meetings.