All Forum Posts by: Andy Chu

I would have record a deed of trust or mortgage against the property. When it is QCDed out of your name and into his, simply record a substitution and reconveyance making the property free of all liens.

On a side note. Why go FHA these days when they upped the mortgage insurance and it never goes away. FHA is 3.5% down while they now have great conventional products that wrap the MI into the loan making the monthly payments cheaper.

I was under an impression that FHA 203k can only go towards owner occupants. If you purchase under an entity it looks extremely suspicious. In fact most residential loans needs to be in a persons name. Simply put, close on a house and quit claim it over to the entity or trust's name.

The way you are structuring the deal it sounds like the mortgage will still be in the sellers name, so it really doesn't make a huge difference. If they want it out of their name, then sell it as a subject to or sell it as an aitd (all inclusive trust deed).

There's are multiple values on a home. If the current property value is 100,000 and the mortgage is at 500,000 but the loan was modified down to 600 a month and it rents for 1,500, you're telling me no one is interested? These deals are amazing. I will take them all day. You just need to find the right buyer

I know I'm going to get blasted for this but oh well. Title insurance usually only does two searches, one through the recorder and the second under the owner's name. They then indemnify themselves that in the event something occurs that was not on it, then try to weasel themselves out of it. I have purchased quite a number of properties without title insurance, but one would really need to do their homework.

Like I said, I know I will get blasted for it.

@Account Closed If the 2nd is not cleared, then they will not give a reconveyance on their loan, the title will be clear and the property cannot close. What you are assuming is that they clear their lien but do not waive their rights to deficiency. Either way, I don't think offering them money makes any sense. Read up on your state statutes to see how long they have to go a loan. I still say send them that drop dead letter.

It depends on if the deficiency was waived with 2nd's short sale approval. Either way, if they are bugging the owner, just send them a drop dead letter.

You can Google as they are all over the internet, but you must send it via fax or whatever communication median that the debt collector requests. (Usually never verbal )

"Please cease immediately all future correspondence or communication directed to __Name of Debtor__. You of course have the right, If you wish, to pursue a legal action attempt proving this debt. Otherwise under the regulations of the Fair Debt Collection Practices Act, I respectfully request that you cease all communication with me"

Or something of that nature :) They by law must stop all collection calls at that point or face hefty fines.

Have a down payment to protect the seller with an AITD (all inclusive trust deed). In the event the buyer does not pay, then the seller will know by not getting any checks in the mail. AITD protects the seller a little better versus a subject to.

other sites include owners.com , fsbo.com, craigslist and a slew of other options. I know you wanted to save money on the listing but here are the main reasons to have a vehicle for checks and balance. In the event you list the property too low, then the market will submit multiple offers and pull the price close to market. The second thing is that it will bring the property to more eyes than these individual sites. With more eyes, brings higher prices.