Redemption Of Foreclosures
I have researched this as an option.
Are there any people interested in pursuing this?
Basically, I am looking for people that and (principally) judicial foreclosure states
[ Edited by cjmazur on Date 08/21/2010 ]
What????????
This is why I was thinking a group of people would be require.
and a pile of cash.
State Security Foreclosure Initial Number of Redemption Deficiency
Instrument Type Step Months
Alabama Mortgage Non-Judicial Publication 1 12 months Allowed
Alaska Trust Deed Non-Judicial Notice of Default 3 None Allowed
Arizona Trust Deed Non-Judicial Notice of Sale 3 None Allowed
Arkansas Mortgage Judicial Complaint 4 None Allowed
California Trust Deed Non-Judicial Notice of Default 4 None Prohibited
Colorado Trust Deed Non-Judicial Notice of Default 2 75 Days Allowed
Connecticut Mortgage Strict Complaint 5 None Allowed
Delaware Mortgage Judicial Complaint 3 None Allowed
District of Columbia Trust Deed Non-Judicial Notice of Default 2 None Allowed
Florida Mortgage Judicial Complaint 5 None Allowed
Georgia Security Deed Non-Judicial Publication 2 None Allowed
Hawaii Mortgage Non-Judicial Publication 3 None Allowed
Idaho Trust Deed Non-Judicial Notice of Default 5 None Allowed
Illinois Mortgage Judicial Complaint 7 None Allowed
Indiana Mortgage Judicial Complaint 5 3 months Allowed
Iowa Mortgage Judicial Petition 5 6 months Allowed
Kansas Mortgage Judicial Complaint 4 6-12 months Allowed
Kentucky Mortgage Judicial Complaint 6 None Allowed
Louisiana Mortgage Exec.Process Petition 2 None Allowed
Maine Mortgage Judicial Complaint 6 None Allowed
Maryland Trust Deed Non-Judicial Notice 2 None Allowed
Massachusetts Mortgage Judicial Complaint 3 None Allowed
Michigan Mortgage Non-Judicial Publication 2 6 months Allowed
Minnesota Mortgage Non-Judicial Publication 2 6 months Prohibited
Mississippi Trust Deed Non-Judicial Publication 2 None Prohibited
Missouri Trust Deed Non-Judicial Publication 2 None Allowed
Montana Trust Deed Non-Judicial Notice 5 None Prohibited
Nebraska Mortgage Judicial Petition 5 None Allowed
Nevada Trust Deed Non-Judicial Notice of Default 4 None Allowed
New Hampshire Mortgage Non-Judicial Notice of Sale 2 None Allowed
New Jersey Mortgage Judicial Complaint 3 10 Days Allowed
New Mexico Mortgage Judicial Complaint 4 None Allowed
New York Mortgage Judicial Complaint 4 None Allowed
North Carolina Trust Deed Non-Judicial Notice Hearing 2 None Allowed
North Dakota Mortgage Judicial Complaint 3 60 days Prohibited
Ohio Mortgage Judicial Complaint 5 None Allowed
Oklahoma Mortgage Judicial Complaint 4 None Allowed
Oregon Trust Deed Non-Judicial Notice of Default 5 None Allowed
Pennsylvania Mortgage Judicial Complaint 3 None Allowed
Rhode Island Mortgage Non-Judicial Publication 2 None Allowed
South Carolina Mortgage Judicial Complaint 6 None Allowed
South Dakota Mortgage Judicial Complaint 3 180 days Allowed
Tennessee Trust Deed Non-Judicial Publication 2 None Allowed
Texas Trust Deed Non-Judicial Publication 2 None Allowed
Utah Trust Deed Non-Judicial Notice of Default 4 None Allowed
Vermont Mortgage Judicial Complaint 7 None Allowed
Virginia Trust Deed Non-Judicial Publication 2 None Allowed
Washington Trust Deed Non-Judicial Notice of Default 4 None Allowed
West Virginia Trust Deed Non-Judicial Publication 2 None Prohibited
Wisconsin Mortgage Judicial Complaint 3-Feb None Allowed
Wyoming Mortgage Non-Judicial Publication 2 3 months Allowed
Quote:
On 2010-08-24 10:49, cjmazur wrote:
This is why I was thinking a group of people would be require.
and a pile of cash.
The interest rate is different on each note, some are adjustable which the bank really wants to get rid of.
As for the note to value, these have ranged from 60-70%
Chet,
I am very interested. How much money all together? Do we have to buy them all or can we "cherry pick" (at least at the beginning?
How many such deals are there? Can we buy the notes at a discount that will make sense cash-flow wise after foreclosure is complete?
Where at in CA?
Mark
Quote:
On 2009-01-17 13:45, commercialking wrote:
Chet,
I am very interested. How much money all together? Do we have to buy them all or can we "cherry pick" (at least at the beginning?
They range in price from 22M (224 unit bldg w/ 12 loans) to 400K (?) for a fully rented 5-plex REO in a working class neighborhood.
How many such deals are there?
dozens
Can we buy the notes at a discount that will make sense cash-flow wise after foreclosure is complete?
This are "loan to own" opportunities in many cases. Buy the note at face or discount (one bank is willing to finance 50% of the purchase of the note at prime+2)
Where at in CA?
all over.
I can send a scatter plot to anyone interested or would post here if I could figure out the html code.
This work for other asset classes like gas station, retail, hospitality.
[ Edited by cjmazur on Date 01/17/2009 ]
If still available, please forward the "scatter plot".
One way to find out is contact the winners of the large ($100M to $1B+) portfolios from the FDIC. Their contact information is here: http://www.fdic.gov/buying/historical/structured/index.html although I have never had an interest nor have I ever tried to contact them. Good luck.
I am direct to CMBS and to banks send me a message on the deals board.