Buying A First Mortgage
I am wondering , If I payoff a 1st mort.with money from a private lender does that keep my private lender in first position. there is a 2nd on the property for 20,264.First is 54,000
I am wondering , If I payoff a 1st mort.with money from a private lender does that keep my private lender in first position. there is a 2nd on the property for 20,264.First is 54,000
Tracy - If you pay off the first with a new private money mortgage, the second lienholder will have to sign a subordination agreement in order for your private lender to be in first positio
Thanks Subodination Agreement is just what I was looking for just did not know what to call it thanks agian
[*]I go to the civil suits and check for Pre forclosure listing and give my card to the defendant with a broucher on my services.
[*]baliff in charge of selling foreclosure on the courthouse steps...
in Mass its called an Order of Notice you can see them instantly on the computers at the Registry of Deeds this is the first
recorded document that starts the foreclosure process.
often it is enough to motivate the homeowner to bring thier loans current. We would send out a fishing letter to these people. Then we would chart them for a short period , if it looks like they wont be able to catch up on payments we call them.
follow up is very crucial at this point. here is a great tip
that will allow you to get a better feel of the situation. After
you target a loan default, go check out the divorce filings,
if you get a match- bingo- your chances of successfuly getting this property are good. you could always work it the other way too. check divorce filings first then check property records and contact the owner. they may not be in foreclosure but want to sell and be done with thier connections to each other. offer to payoff thier note
and stuff some cash in thier pockets you will be surprised how well this works.
Best of luck
KJ
[addsig]
[ Edited by kevnhl25 on Date 06/29/2006 ]
Thanks for posting this.
J
What will it rent for?
What will it sell for?
What is the current reinstatement?
What is the current payoff?
Get those 4 figures first
Sometimes it is tempting to take even a bad deal to get our feet wet.
This is not a deal.
Back Away fast, and find another deal.
If you can get the property for, say, $250,000 to $260,000.... what would your costs be after spending to hold, fix, and sell?
I think the costs would be about $38000 to hold, fix and sell.
Should I just let it go? She gave me authorization and the lender is waiting for me to call.
Thanks for your advice.
There are a lot of repairs needed. Should I get pictures first or submit the lowball offer? How low do you think?
So you are looking at pretax profit potential of $60,000 for possibly 4 to 6 months. It will take some resources and some hard work. If you are waiting for a perfect deal to fall into your lap.......
If you have the resources... and willingness to do this... do it.
Need help? Need a push? send me an email