Pay fleet of door knockers and drivers to scour up leads over town and follow up with themHope this helps!

A friend of mine who is struggling and hasn't paid his mortgage and a line of credit for more then a year. i would love to buy the house in a short sale. how do i do it with two outstanding loans? 

The chart is outstanding and helps put our market into the proper perspective.  

I'm relatively new to the BP community and have been going through all the old podcasts - I've now listened to two that you were on and thought they were both outstanding. 

I'm sure there are lots of threads on BP regarding buying at Trustee sales and I suggest that you become very familiar with the auction process specific to California.Check with your title company to make sure that the 1st lienholder is foreclosing and that there aren't any senior liens outstanding.

Example 2: fleet vehicles - sell at 80,000 or 5 years (MARCS EOL)... or similar type system that minimizes exposure to LT maintenance expenses.

Remember, the bank is trying to cap (or recoup) losses as best it could, the appraisal is just used to get them an estimate of current value and really has nothing to do with the outstanding loan commitment.

The networking and educational opportunities are outstanding!

Just an update to this thread.I found out the owner is behind $22,982.66 worth of paymentsThe mortgage company has been paying the taxes and insurance so that is up to date.There is an outstanding water bill but that is not too far behind.The outstanding principal balance is $184,164.38Also the tenants are still in there not paying rent, so I would have to come up cash for keys to get them out I imagine.I wouldn't be flipping this property either, I would be holding it.  

The outstanding default amount is pretty close to the value.Wondering if there is a way to get in ahead of the trustee auction (vs compete with multiple bidders on the day..) if I can get the seller on board and get the bank to agree..