All Forum Posts by: Sandy Uhlmann

@Herb Dorn, likewise, I have been added as "additionally insured" because I found documents naming the insurance company and I faxed them my assignment of mortgage.  @Darren Eady  you would think that the previous owner of the first would have insurance info but I have purchased two notes from FCI where the owners were not sure if they had insurance info or not.  As it turned out with the first note, I ended up placing forced placed insurance on the home after several letters requesting proof of insurance were sent to the borrower with no insurance info provided.

The reason I asked this is that it would just be my rotten luck that the house would burn down somewhere between the time that I discover that the borrower was uninsured and the time that I was initiating forced placed insurance.

@Jay Hinrichs  PPR has been around for quite a while and they have loads of experience behind them.  They mitigate the risk associated with seconds as they are well aware of what the risks are.  They follow the status of the first and intervene whenever necessary. 

 If you have ever looked at a re-performer that they offer every week you would know that their re-performers sell for way above the asking price because of PPRs reputation.  PPR also guarantees your capital investment if you purchase a re-performer and it misses payments.  That is part of the reason their reputation is so good.   In many instances, I am sure just the arrears that PPR collects may pay for the entire price that they bought the notes for. Likewise, when they do offer non-performing note sfor sale, I am sure that the non-performing notes are also going for higher than market values.  

If the "thank you" gifts are any indication of how the company is doing, I can't tell you how many "thank you" gifts that I have received from PPR.  I think they are making well over the 12% that they are paying their investors. This is not to say that things may change but afterall, it is an investment and any investment is not without risks.

I also have some first trust deeds also and they are pretty sweet deals.  I think people that want totally passive investments prefer funds over individual notes.  With funds, you don't really have to understand the ins and outs of notes, you just have to hope the fund manager in knows what they are doing.

@Pari Thiagasundaram Thanks, I did go to their website but it contained no information of how much it costs to do an assignment.  I'm sure the price varies based on what the recording costs are in that particular county.  I know that simplifile is used a lot.

I was wondering how many people are efiling their documents/assignments of mortgage?  If you buy a note from FCI exchange, they charge $200 for this.  I could file it myself for this particular county for under $20 via snail mail.  I started looking into efiling, assuming that it was only available to large companies but it seems like it is not just available to large companies.   I came across a list of efilers that that the county that I am recording in recognizes so I thought that I would share the info.  I'm sure that there are more companies out there and if anyone would chime in on their experience with these companies and their cost, that would be great.  I Googled most of these companies and their web sites did not indicate what recording costs were.  I did find one company, PPDocs, that listed their "convenience fee" as $10 plus whatever filing fees that the county has.  That seemed very reasonable as compared to the $200 that FCI wanted to record assignments.

If anyone uses any of these or other companies to record or research info, please comment on your experience with them and educate us all.  

Sorry guys, I had the phone numbers included but had to remove them because it was not allowed on BP

CSC

ePN

Indecomm

Simplifile

Nationwide Title Clearing

PPDocs

http://www.ppdocs.com/

@Dion DePaoli  Thanks for the clarification.  The seller was kind enough to pull one for me.  I just wasn't sure if not having the original loan application was a problem or not.  

@Bob Malecki:  Yes, you are correct.  You have to be an accredited investor for PPR's fund.  You mentioned you have a fund.  Please share with us how your fund works.  Are all funds similar to PPR's in that they pay out a flat percentage and capital is returned at the end of a set number of months/years or are there some funds that pay out based on how the pool of notes did? I know there are others out there that have funds and others out them that have invested in these funds.  Please chime in and educate us all!  Off the top of my head, Sherman Arnowitz I believe has a fund, as does Fuquan Bilal of National Note Group as does SMR. @Joshua Andrews is your fund up and running?  If not can you tell us when we can expect it to be up and running and how it works?

I know that most of the funds that I mentioned were investing in seconds.  What funds are out there that invest in firsts?

I have several investments in PPRs fund.  They invest in non-performing seconds and get them re-performing.  12% yield (1% of your investment every month) and then after 3 years, your capital investment is returned.  I have not been in these 3 years yet but I can tell you that they have NEVER missed a payment thus far.  You need to be an accredited investor to invest in most of these I believe. 

I invested in PPR because they have an entry minimum of $10,000.  I think that National Note Group and other funds may have a higher ($50,000) entry point.

There are several note investors here on BP that have funds or will be starting funds soon.  I hope they chime in and tell us about their funds as I would like to know what funds are out there and what the minimum investment is.

I have the insurance companies name and phone number but the information from the seller states the insurance is in effect until 5/16.  I Called the insurance company in the hope that they would give me a yes or no answer.  They would not. They needed an authorization letter from the borrower.  I certainly understand if this is because I am not the owner of the note yet.  (I knew it was a long shot but thought I would try)  I am hoping to send them an assignment of mortgage as proof so I can be added as additionally insured.  I hope that is all it takes.

@Patrick Desjardins @Paul Birkett  thanks for the input.  It is very much appreciated.

I am in the process of purchasing a note.  Seller tells me that they don't have a copy of the original application.  Is this important?  Am I able to pull credit through a third party vendor without it?

I know that FCI tells me that they need it for them to pull credit.  Is there other reasons that having a copy of the original application is necessary?