All Forum Posts by: Tim S.

I've been asking the same question for a while now, without much satisfaction.  I think the honest answer is that people don't want to divulge their sources, because they don't want the competition.      

Not sure what you are asking for exactly.  There are note brokers who sell notes, the success rate is more dependent on you to find a good deal than it is on the "note investing company".   

Or, perhaps you want to partner with someone, where they buy non-performing notes with your money, they do the leg work to get the note performing, or other exit strategies, and you share the profits.   But since you asked specifically about performing notes, this doesn't seem to apply.

I think you'll need to clarify what you are looking for to get appropriate answers. 

@Daniel Dietz    I've asked myself the same question.  I think the answer is that it's the government making the rules, since when do they ever make sense? 

Ignite Funding  - It's really hard money lending, vs. notes.  Short term 6-12 months usually. 

http://ignitefunding.com/

This seems to answer the question (LINK)

"Whether or not you’ve signed a quitclaim deed, some obligations stay with the property, such as easements, restrictions, covenants and assessments. The property also remains as collateral for debts, including taxes and the mortgage, no matter who is on the title."

@Dion DePaoli  Thanks again.  FYI - I have not purchased this note, this is all part of my due diligence work.  

Georgina signed the mod, not the trustee.

Response from the seller:

"A quitclaim deed merely transfers ownership in a property – it doesn’t relieve any responsibility of the borrower for the underlying mortgage or other liens against the property. All encumbrances (including the subject loan) stay with the property in the sense that the property continues as collateral for the mortgage. Your buyer retains all of the original lender’s rights, including the right to foreclose on the property should the borrower stop making payments, whether or not title remains in the borrower’s name or that of a third party. I would encourage your buyer to order an O&E report or similar title report as it will show the status of the security instrument.

The relationship between the borrower and third parties is unknown to us, and since we have no financial relationship with the individuals, our ability to ascertain the information is limited, at best. As for occupancy status, our records show that the property is “owner occupied” by the borrower, and we have no reason to believe otherwise. Delivery of tax notices to a property other than the subject one is a singular factor in determining occupancy status – not a decisive one. "

I had already ordered an O&E, don't have it yet.  One other interesting thing I discovered is that a previous owner of this note was Stewardship Funds LP.  They were shutdown by the SEC for running a ponzi scheme (See the complaint).  Stewardship owned the note from 2009-2012.

Ok, that's a lot of acronyms I'll have to look up, thanks :-)  

The note was originally created in 2006, and modified 2010.  Quitclaim was in 2008 BTW 

@Dion DePaoli  First, thanks for your help on this, I really appreciate it.

on the QCD it says "The undersigned Grantor declares.  Documentary Transfer tax is $ [GIFT]  CITY TAX $ 0 "

Following are fake names, but the relationship between the names is correct.  

"Georgina Smith hereby GRANT(S) to: David Jones TRUSTEE OF THE Tom Brown Susan Brown Jim Stack Judy Stack Terry Wright Patricia Wright Trust"

The subject property is in GA.

The home address of these people is a SFH (in FL), I verified it on Google streetview. Georgina Smith is the owner of that home per the county website.

I'm told that the subject property is owner occupied, but I can't confirm that (I'll ask the note seller).  The members of the trust are listed on the tax bill, and the address for them is the FL address, not he subject property in GA.  Georgina Smith is not named on the tax bill.

I'll ask what the relationship is between the grantor and grantees.

Thanks again