All Forum Posts by: Tom Gimer

IMO re the $10k to seller being actual skin in the game... it depends on the current or potential rent, the type of lender, and the time and expense it takes to foreclose in the jurisdiction where the property is located.

Having an attorney involved with the sub-to closing is irrelevant.

If I was considering this realistically I would assume I am accepting $10k to have my credit trashed.

The fact pattern is missing WHY they would not insure. Nobody can answer the question as written.

Was the foreclosure completed without representation by an experienced local tax sale attorney?

@Cliff Durrett Just buy at the auction. It’s currently a mess but the f/c will clean it up. 

Fannie apparently can’t release the lien now but it can be extinguished as a matter of law through the foreclosure. 

The lien needs to be paid and/or released. A third party likely purchased that debt from the original lender (uncollectible by typical debt collector standards) for pennies on the dollar. And that lien is a huge title problem waiting to happen for anybody who thinks it disappeared when an accounting decision was made.

It's a tough situation for the borrower. Track down the new owner of the debt to complete the short sale and wake a sleeping creditor who doesn't need to play ball; or ignore it somehow (bad title company) and the new parties in interest get foreclosed from first lien position by somebody just waiting for the opportunity to squeeze everyone.

Jay, the holder of the second would be a defendant in the first mortgage foreclosure action. Without notice and the opportunity to defend their position, the second lien would survive. 

Is that what you’re asking? Probably not!

Wrap the existing mortgage, as suggested... or take a balloon second for your equity. That way you could foreclose.

Some posters have no idea how networked wholesalers do business.

Many contracts we receive are accompanied or followed by assignments the same day. No marketing required. No investorlift, no Craigslist, no email blasts, no BS contingencies included. 

In fact when I see the contract, the neighborhood and the purchase price, I have a decent idea who the assignee will be. 

No. Large investment in a failed area,

City should be paying investors to take those chances.

Most are looking for contracts to use/the best contract terms to include and also identifying investor-friendly title companies in the areas they are trying to work. 

Some are looking to network with more experienced investors to bounce ideas off of and/or potentially JV with.

I think BP is a great resource for all of the above. 

But I do agree with the sentiment of your post.

The process would be, I believe, to file for a temporary restraining order, followed by a permanent injunction, to enforce the deed restriction. If successful the process would end with a court order requiring the mobile home to be removed.

The question would be easier to answer if the actual language was provided so it could be determined that the restriction runs with the land and bind subsequent owners.