All Forum Posts by: Sandy Uhlmann

@Chris Seveney That is exactly what I did and I not only asked if the taxes had been paid but BY WHOM.  (I wanted to make sure the borrower paid vs a tax lien investor) This was a county that was NOT available online which is why I was surprised when I got some push back by the lady on the phone who was hesitant to tell me this information.  I told her I was the lien holder.  She told me that if I was the lien holder then I should already have access to that information.  That is why I wanted to pose the question.  @Roma Korenyuk thank you for the information on National Real Tax Tracking.  That sounds like exactly what I might need.

@Wayne Brooks I purchased this note purchased recently. The BK was completed several years ago I believe.   It was modified at some point in time and it apparently is now an investment property for her.  I don't think she feels like the house is gone at all as she is making regular payments and according to the investor that sold it to me, even though there is a relatively small amount left on the note, the borrower doesn't want to pay it off early.  I just want to make sure it is insured and I wanted to make sure that I am going at this correctly.

@Don Konipol Thank you.  Just to clarify, even after a BK has been successfully  completed, everything has to go through the borrower's BK attorney?  

Not quite sure what happened there?  My question is that I have a recently acquired note that does not have proof of insurance.  I sent the borrower a letter explaining that I need proof of insurance by the end of the year or I would need to put some in place at her expense.  I told the borrower that she could either provide the proof of insurance to my company or she could provide it to the servicer.  To date, she has done neither. The borrower has completed a BK 7.  Is there any reason that I cannot reach out to her personally?  I am not reaching out to her collecting on a loan, I just want to make sure that insurance is in place in order to protect my position.  I guess I just need clarification as to what I can and cannot do when a BK has been completed.

Is there an easy way to check and make sure that borrowers have paid the property taxes?  As a first lien holder, do I have the right to be notified by the county if the taxes are not paid?  I know some counties post this info online and it is easy enough to check but I have had to call other counties and speak with the collectors office who were reluctant to give me the information.  They tell me that I should have this information because I am the lien holder.  The assignment has been recorded.  In counties such as these, do I just need to send them the recorded assignment along with a request to be kept informed if the taxes are not paid?  

@Wayne Snell  I did see your video and it was very inspiring.  I liked the  fact that an investor could get a great return while at the same time feel like they were helping a family stay in their home by making the payments affordable.  What would you say is the price point of entry for your investments?  What is the average time when the investor gets their money returned?  I suppose that this depends on the exit strategy?

In seller financed transactions, is it acceptable to escrow servicing fees along with taxes and insurance or do those fees have to be paid by the seller?

@Davido Davido Thanks to all of you for giving me your input and advice.  I am thankful that there are investors out there that so freely give their wisdom, advice and experience.

 I did ask someone at my local title company and they told me that If I was able to get a quit claim deed signed by the previous owner and have them get it  notarized that I would be able to get title insurance on the property thus making it more marketable to sell.  He told me that the alternative is to get a Quiet Title but that would be at a cost of $1500-2000 in my area.

@Davido Davido Perhaps I need a little more education as far as the various deed that can be conveyed.  If at all possible, isn't the goal to have a warranty deed in order for the property to be most marketable or is all that we care about is if a title company will provide title insurance on the property?  Is there a way to get a warranty deed for these properties or do I have to settle for a quit claim deed?

Was curious to find out if it is worth trying to contact the previous owner of a property lost in a tax lien sale in order to try to entice the previous owner to sign the deed over vs paying an attorney for a quiet title action?  This would essentially be a "cash for deed."  I know all states and counties are a little different but in MO, if the landowner doesn't pay their taxes after 3 years, the property goes to sale.  If purchased at the sale, I believe there still is a redemption period of about a year.  It seems to be it would be worth an attempt to contact the land owner and at least find out their intentions.  If they plan to redeem-great!  I get the price I paid plus some interest.  If they no longer want the property and have no intention to redeem, it seems to me like for a token amount of money, they might be willing to sign the deed over to me so I can get clear title/a warranty deed and can move onto sell or do whatever I want with the property without worrying about a redemption period.  Is this a viable option or not realistic at all?

On the same subject of perfecting title, has anyone used any company that helps you perfect the title so the property is saleable?