All Forum Posts by: Jonathan B.

Hi. Potentially yes, potentially no... 2007, note recorded for $300k for the reverse. I work on the assumption of around 60% of the recorded note being the value the homeowner received from the reverse, so say $180k was the actually money received by seller. The interest for the last 15yrs is on the $180k not on the 300k... the idea being (in the banks eyes), with interest and by the time the homeowner passes, the actual loan value plus interest should be in the region of $300k... give or take.. but as we are seeing with higher house prices, it could still leave the property with equity.

Thanks John, that's what I thought

probably not enough profit there assuming I'll have a first note remaining of about 300k

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Hi Guys question for thr pros on here,

FL.HOA is foreclosing on a property with existing Reverse mortgage,

The Reverse mortgage was issued 2007 for 300k, property valued at 450k,

i know the mechanism of reverse mortgages is that the balance increases overtime..

Assuming this is the case, there is probably no equity in the property,

am I getting it right with this situation?

assuming a bidder get the HOA foreclosure he will likely end up under water?

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Hi Guys,

i used to use fastpeoplesearch .com, but website seems to be down for a while..

can you recommend others that work just as well?

Thanks

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Quote from @Wayne Brooks:

@Jonathan B. As @Chris Seveney mentioned, a mtg foreclosure does not affect the hoa debt at all, it stays with the property and becomes the responsibility of the new owner. This is regardless of when any liens or judgments are recorded and includes the hoa debts whether any lien was ever filed or not.

Not necessarily, according to the article he attached,

on some HOA docs there may subordination clause erasing the HOA dues upon foreclosure

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Quote from @Chris Seveney:

@Jonathan B.

Florida does not wipe out the HOA. Lots of moving parts to it but here is a good article

My recommendation is get an attorney to explain this to you.

https://www.gray-robinson.com/uploads/files/110603_Lender_Liability.PDF

Great article, sheds alot of light from what I am seeing at the auction.

will provide some base to explain my question to an attorney

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Hello,

In FL - Assuming the 1st mortgage forecloses on a property at auction, what happens to existing unpaid HOA fees?

Assuming there is no surplus for the HOA to demand, will the foreclosure eliminate their interest?

will the dues carry on to the new owner?

does judgement recording date priority has anything to do with it?

thanks

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Originally posted by @Jonathan Greene:

There is no negotiating arrears as @Wayne Brooks said. You are going to do a subject to with 52k in arrears? I don't see the value there. The bank isn't steep on the arrears, the owner is lying. The bank doesn't get how much they are owed wrong, the seller does.

the numbers is what the bank provided me actually,

the seller didn't have a clue of how much is due in arrears,

maybe my best scenario will be doing the subject to and flip the property?

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Originally posted by @Wayne Brooks:

The arrears will Not be negotiated. The only negotiation that would occur is if the lender was doing a short sale....and with the suction a week away, not much incentive for them to do that.
The arrears amount seems about in line....3 years of interest, late fees, force placed insurance, property taxes, preservation fees if vacant, attorneys, foreclosure costs, etc.

Thanks Wayne,

im considering doing a subject to deal on this specific deal.

it may still work,

Once question - if i reinstate the loan and take over payments, as this was a %3 down loan, will i have to make the mortgage insurance payments as well?

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Hi Guys,

The potential deal here, first time dealing with a pre-foreclosure.

Preforeclosure seller, auction due in a week,

Got authorization signed from the seller, the bank claims the current arrears are about 52k which sounds steep.

the owner did not pay the mortgage for 3 years.

original loan is 165k, 3.75% fixed 30 years, monthly payments are $760, so adding 3 years of payments together it should add up 27k of arrears, not 52k.

I realize there may be some late fees and attorney fees built up in there,

who do I reach out to negotiate those arrears down and how what do i say to make that happen?

Property ARV 255K

Principal is 165K

Rent is 1750

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Hi Guys,

I generate divorce and probate leads from the courthouse,

Reaching out to probate and divorce leads too soon could come across as offensive -

you don't want to contact too early, but you also don't want too late.

Wondering from your experience - is there an avg. sweet spot a point in time where cold calling yields best results?

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All Forum Posts by: Jonathan B.

Jonathan B. has started 71 posts and replied 166 times.

Post: HOA Foreclosure with existing Reverse mortgage (HECM)

Post: HOA Foreclosure with existing Reverse mortgage (HECM)

Post: Free Skip Tracing websites?

Post: FL- Does foreclosure auction eliminates HOA dues?

Post: FL- Does foreclosure auction eliminates HOA dues?

Post: FL- Does foreclosure auction eliminates HOA dues?

Post: Pre-foreclosure deal, negoitating arrears?

Post: Pre-foreclosure deal, negoitating arrears?

Post: Pre-foreclosure deal, negoitating arrears?

Post: Probate & Divorce leads - When is the best time to reach out?