All Forum Posts by: Zachary Taylor

@John Underwood. OK. Got it. Makes sense. 

I guess I don't really understand why, as a note holder, you would allow the servicer to not include taxes in the monthly payment. I realize in some circumstances the borrower may not pay what is owed, but this borrower did, until his passing... Do most note investors make sure taxes are included in the monthly payment? (this is likely another thread topic but can't help myself at the moment).

Thanks again, John.

Z

@John Underwood. Thanks John. Thought about that. A very good idea. 

@Jay Jasunas. Thanks Jay. So, I HAVE to foreclose to protect my interest in the property? You saying there is no alternative? Can/will it be sold via tax sale if no one pays taxes while it's going through probate and/or foreclosure? 

Thanks!

Thanks Wayne. @Wayne Brooks

Anyone know foreclosure costs in NY (not NYC, but more rural NY)? 

If heirs do want to step up, I assume a loan modification will take care of all the borrower/title issues?

@Pari Thiagasundaram Thanks Pari. Great resource!

Here is the scoop:

• BPO is $35K
• The borrower has passed away and a relative is now living in the house.
• No payments have been made on the note since March 2016.
• City and County back-taxes amount to $1,110 and property taxes of $600. Taxes have not been paid in about 2 years. Tax lien auction will occur next year if nothing is done.
• $3,500 listed in judgements and liens on the title

Generally, I am trying to understand who I can hold responsible for the mortgage obligation and, if no heirs step up and start paying what action can I take and how long and costly is the process.

Since the borrower is deceased, if the heirs want to keep the property I assume the note and titles will need to be transferred into their name through a loan mod?? 

The note is on a property in the New York.

@Joshua Andrews Thanks Josh! 

I have a deceased borrower on a note I am looking at where the heir is not on title yet. Just dotting my "T"'s on this one. Any advice, BP?

"Pointed" not Painted. Ha! It's late on the east coast.

Thanks everyone. I bid on a note on FCI and am performing diligence now. Figured I'd just jump right in! Will look to learn from the diligence experience at FCI and start to attend some conferences as I'd like to expand my contacts/network and not be forced to use FCI for note investments.

Any good resources for finding a law firm for legal advice/representation on note purchases in a specific state or county? I've looked some and most seems to represent borrowers rather than note holders. Anything is greatly appreciated! Happy to be painted to another post if this has already been covered somewhere else. Thanks all! Z

@Chris Seveney Thanks Chris. Will do. I'm likely to let this one go in the end but will continue to do diligence and learn from it.