The buyers were husband and wife.The note was eventually paid in full around 1990, but the final document was never filed.The original owner (holder of the note) has now been dead for over 15 years.That's not all.The husband and wife (my wife's friend's parents) got a divorce 30+ years ago.The now ex-husband, who remarried, is now deceased as well.The recorded title still reads original owner, new owners (wife and dead ex-husband, as still husband and wife).The asking price is less than half the assessed value.I'm sure I can pay even less.Current owner will take back 100%.She is now in her 80s and wants out.Title company has done a prelim search, only the original agreement to purchase is recorded.The original contract may be lost.The divorce agreement does not mention the cabin at all.Title insurance will not insure without seeing the original purchase contract and getting signatures from heirs and ex family.My wife and I are willing to take the risk for the right price.Any comments or suggestions would be welcomed.Thank you.

Hi guys,
I am new to this forum and a little new to the industry. My husband and I have been slowly sinking more and more money into rentals over the last 4 yrs. We have been able to purchase a lot with cash, and ou...

This technique has some far-fetched assumptions baked in (such as finding banks that will take 60 cents on the dollar for performing notes, on the theory that the borrower MIGHT just stop paying on his underwater mortgage), but does at least attempt to exploit the crazy aspects of the current foreclosure crisis, so sure it's food for thought.And yes, a jumbo loan might be held in whole loan form (not sliced and diced) by a bank, similar to how a commercial loan would be held.

Typically the mortgage holder would pay there own insurance & taxes.

Then if the owner doesn't pay in the redemption period in FL the lien holder can petition to foreclose.

Some houses I look at have liens from 2006 to current so I am guess if the lien holder wanted to foreclose they would have but they might not see any reason to foreclose as they wont make more than a few thousand on the property sale.

You shouldn't be paying anywhere near FMV in this market - particularly if you can pay cash.My guess is your private lender will do 4 individual houses as well and I'm sure they would be even happier to be the note holder at 70% LTV versus 100% LTV - even moreso given that the 100% LTV deal would require some pricey repairs (roofs and foundation).

They note holder will charge interest and penalties and will start to harass and go as far as suing for the balance owed.

It is only $100 (I'm splitting the $200 fee with my friend) for a 3 day workshop, and I think it might even include food...if it does I will basically be paying $15 bucks a meal and hopefully learn a thing or two about REI and meet some local real estate investors......$100 isn't much for something that I will hopefully be able to use for the rest of my REI career...the speaker kept saying educating yourself is the best investment you can make, I tend to agree...I will check back-in after the workshop to let you know how it went..Dave

I want to avoid the evictions process, because I don't want the judge to rule my contract negated by state law that says/or may say that a note holder must publish the foreclosure for four weeks prior to the foreclosure sale.