All Forum Posts by: Jonathan B.

thanks Chris,
the complaint on the 1st mortgage only states the Principal balance due  - 321K

but i know that once "Final judgement" is issued, its higher - i am just not sure given its a HECM

 Am i to expceted anything else given its a "Reverse mortgage" ?

@wayne Brooks

Hi Guys,

in FL,

HOA is foreclosing on a house in a week - Lien of 25k.

the property also has a 1st position loan (Reverse mortgage)  that also just started proceedings with no set date or "Final Judgement" numbers yet.

On the details of the 1st reverse mortgage foreclosure, its only mentioned that there is 320k principal balance due.

The original note of the 1st was issued 2009, with a total sum of 650k, payble up to 2081 (!!).

the house has a bunch of equity, being worth about 750k when fixed up.

I  know that on a standard convenetional mortagage foreclosure, there usually additional fees such as unpaid interest, attorney fees etc, apart of the princiapl balance.

Is there a way to conservatively assess what will be the actuall "Pay-off" on the 1st?

am i missing something else with the "Real" pay-off given its  a reverse mortgage?

thanks

 Derek, I don't know if you could see this but I'm clapping.. very creative 

 Wouldn't that be devastating to her credit?

she has enough equity to sell the home and profit, so advising her to file for BK is kind of extreme, am I on the wrong?

 She wouldn't sell it for what she owes, 

she knows she has equity, and if she would go to sell she would try and get market value

Here's a case

in FL - Seller in foreclosure has 120k principal @4%, Shes 10k in arrears,
house is worth about 250k, good condition.
She wants to stay at the house, but doesn't mind selling it if needed.
She will likely not qualify for a loan mod at the moment, good amount of equity.

She works in the medical field, just took sick and fell behind.

I was thinking of offering to pay her 10K in arrears and creating a 2nd mortgage @ 10% interest.

if she defaults, i can foreclose,  as there is a bunch of equity there.

any thoughts of a better scenario that i can make more of this situtation?

Hello,

assuming 1st mortgage forecloses and it also names HOA as defendant.

if there is a surplus above the final judgment of the bank, will the surplus cover the HOA liens?

For the tax savvy

I currently hold rentals in an LLC

The same LLC is the owner of another entity which engages in flipping.

basically all flipping income flows through K1 to my main entity (which owns rentals) and the to me directly as it's a flow through.

I am pretty sure there may be a better way to do it.

My cpa suggested that should be taxed as S-Corp on my main holding entity which will pay a salary to myself.

Any thoughts or suggestions to improve / insights ?

Thanks

Hi, in FL - I noticed a situation where the sub association recently foreclosed, and now the Master HOA for the same is scheduled to foreclose aswell within weeks apart.

Does that mean that whoever was the winning bid on the sub-association foreclosure will be wiped out when the master association proceeds, does it have seniority? 

Hope my question was clear

thanks