All Forum Posts by: Ti Hon

greatly appreciate for all of your helpful input.

currently I do quite a bit of flips and wholesale a few props here and there .. thus I know quite a few of investors. I am always intrigued by the lending industry. I'm thinking that perhaps rather than do JV on real estate transactions .. I could get some of these investors who would provide fund for lending.

I will definitely reach out to your referred law firm.

I will definitely make a trip to vegas and no doubt I will be looking for you :)

does anyone know how/where I would be able to learn to set up to become a hard money lending business in california.

I would greatly appreciate your help !

Dr. Thomas,

i'm interested in commercial in CA .. if you have any, pls email me letting me know .. thanks.

Thanks for all the posts .. I believe now I have a much better understanding about the situation .. realistically, if one is not nice, whether it's a private lender or a big name lender, they could foreclose the second and evict the tenant regardless of whether the action is beneficial to them or not ..

JCC ... I have heard many cases in which the homeowner file Chapter 13 to get rid of the second .. if this is the case, would the homeowner still able to file chapter 13 AFTER the second had been foreclosed to get rid of it?

Jon .. the way how I understand JCC .. take your example, if the house is upside down .. 1st (120k), second (50k) .. now the second foreclosed, someone bought it for $1 at the auction .. would whoever bought it for $1 could evict the homeowner ? .. and he/she would have the title to the property.

perhaps JCC is correct .. however, to me .. it does not make alot of sense.

JCC - you mentioned you did it before, and you also evicted the previous tenant .. did you pay off the first lien to take sole possession of the property as well ?
besides,

JCC .. i'm still a bit confusing with all the legality of the whole situation .. is it correct the way how I interpret it ..

with the current housing situation as it is now, many ppl are upside down and .. let's say .. they refuse to pay the second .. in this case, the second can foreclose and evict the previous homeowner ? pls clarify ...

thanks for the article. both loans combined are more than the house is worth .. however, if the note (second lienholder)is auctioned off .. would you know whether it's the first or second .. ( i have never been at the trustee sale before )

would it possible for the second lienholder foreclosed and evict the homeowner eventhough the homeowner still current on the first?

Nate,

You indicated " Typically you have to either do a double close or a simultaneous closing " .. since I'm new in the game .. if possible, would you please discuss in details how I would be able to do this ? Thanks.