All Forum Posts by: Sandy Uhlmann

Here is an update and maybe a little education for others (assuming the information that the probate division in my county is correct) Probate was never opened. The clerk at the probate office told me that a house cannot be foreclosed on while it is in probate. He suggested that I contact a probate attorney and have them open probate. I had sent a letter to the POA and she contacted me yesterday. I shared this info with her. Hopefully, she will open probate. At least that will give her time to decide what to do. There are children involved and I want to do the right thing for this family in this unfortunate situation. I hope that she sells the house to me before it forecloses but she may decide to put it on the market.

My local title company did say if the local bank has the second, they will likely show up at the FC and bid the price up so the overages can cover the second.  I suppose this is a frequent occurrence but I really never considered that. 

Thanks again for all the information BP community

From the obit, she has two kids.  I am not clear on if they area of age or not.  I believe they were in High School when she died.  If I call my county probate dept would they have the info on who is the executor or how to I find that info?

Thanks for all the help guys!  I am learning so much.

As far as the above statement by Mike Hern: "POAs are useful ONLY if the owner is still alive" Is this true even if the POA document recorded in the county record specifically mentions that the POA has the power to control the real estate? This deceased borrower named her sister POA just a few days before she died. What good would this be in this case? The POA document recorded with the county specifically mentions the real estate control. Does this mean that the POA cannot execute a quit claim deal so the property could be a sub 2? Likewise, does the above statement mean that the POA does not have the power to sell the house prior to the foreclosure (if time permits?) Is there a way to know if a property has gone through probate or not or if there was a living trust? Would that information be in county records?

Here is the situation: Nice house, perfect location for renters. In foreclosure. The owner died, leaving her sister as the POA according to county records. Property has a first mortgage that is foreclosing but there is also a HELOC/2nd according to county records. Local bank originated the loan in 2012. HELOC of $10,000 in 2018 by same local bank. Owner died in 2022. Looks like local bank sold the note to Wells Fargo in 2023 and is now foreclosing.

A couple questions:  If the second was bought at a discount from the local bank, would that give me any leverage to deal with the Wells Fargo to bring the loan current to prevent foreclosure?  (of course before the second get wiped out by the foreclosure)  Even if as the second lienholder I was able to bring the first current and continue to make payments to the first, the only way I would get ownership of the home would be to foreclose from the second position, is that correct?  It seems to me that if the second forecloses, another investor would bid and because the amount was so low being a second, they would then be in control of the process and essentially be able to payoff the first or do a subject 2 and pay off the first over time until the first exerts the due on sale clause.   Is there ever a different play for a second mortgage holder?  Can a second lienholder add the cost of all they have spent to bring the first current to the opening bid when the second forecloses?

Of course, it seems to me a better play would be to purchase at a foreclosure sale so the second gets totally wiped out but so much competition lately at these sales. I am attempting to get in touch with the POA and work out some deal but time is not my friend with a FC looming.

Even if I don't get possession of this house this time around, I would like to be educated on creative options as it seems like I have run into this situation quite a bit lately when owner dies and house falls into foreclosure.  I would love some creative ideas in this situation:)

I just found out that the borrower on one of the properties that I financed in Jackson MS just died of Covid last week. I don't think that the family wants the house even though I know that their dad would have wanted them to profit from rental income it could generate.  It is a small (just under 900 sq ft) 2/1 in a lower value neighborhood. The borrower was in the process of fixing it up to rent so I believe that it is currently vacant.  The family would like to deed it back to me but I would like to see them try to sell it themselves so they can possibly profit from it.  I do not live in MS and need to get my ducks in a row in case this property comes back to me.  Can anyone recommend a good rental/management company, a reasonably priced handyman, a Realtor that is good?  I also may be interested in owner financing it to an investor or owner occupant if the right person comes along.

Thanks,

Sandra Uhlmann

I have a defaulted note that was supposed to be secured by a property.  Being one of the first notes I purchased, I was dumb and the funds were not wired to title company.  Long story short, even though the note was signed by the property owner, the deed was never recorded thus it is essentially an unsecured note.  I would like to get a judgement on the note.  Does anyone have any recommendations for a skip tracing company that I can use to find my borrower?  How about an attorney in TX?

Many thanks!

I have a mobile home in a park.  I owner financed the trailer.  I am listed on the title as the lienholder.  The occupants are 2 months behind on payments.  I have sent them certified and first class letter warning them they are behind.  I have two questions:

1)  Since a mobile home is personal property in Missouri rather than real property, will I have to go through a formal foreclosure?  I am thinking it would be more like repossession of a vehicle but complicated by the fact that it is occupied.  Do I technically have to evict first even thought I technically don't have a rental agreement but rather a note/loan agreement.

2)  If would to try to regain the title by telling the occupants that if they sign over the trailer to me that I would not take them to court over the missed payments.  (similar to a cash for keys)  If I were able to convince them of this, would they just sign on the sellers spot on the title?  (I have the title and am listed as the lienholder)  

Is there a better way to handle this situation?

Thanks in advance for the advice!

Sandy

Join other like minded investors as we host Dave Helmig, City of Jefferson Inspector as he discusses potential changes that will affect all landlords and things that we can do as investors to shape the law in our favor.  We will also have plenty of time to pitch deals, talk about opportunities and ask questions.  I hope you join us!

I hope to meet all of you Mid Missouri real estate investors there!  Mark it on your calendars.  We meet the second Thursday of every month at the Keller Williams office in JC from 6 pm-7pm.  This is open for all, from newbie to experienced.  Please feel free to invite friends and learn how to create wealth/enhance your retirement or quit your 9-5 job through real estate.

Please join us this Thursday to meet and greet other like minded individuals who love all aspects of Real Estate.  You will have time to pitch if you have properties that you want to sell or pitch if you are looking for properties or lenders. 

I hope to see you there!

Sandy