All Forum Posts by: Adam Adams

It sounds like they've done everything to get around paying you. Why would you think that this is any different? Proceed with the FC. 

I insure it based off of what I invested. If I invested $60k, then I might insure it for $70k. Insurance is insurance and has a cost. It's not the lottery. I cover my investment. I don't waste my money on insurance hoping the sucker burns down and I make bank.

I'm a JB Lloyd fan too. If you have 4 or more assets, you can get on their commercial policy. An asset being a note or an REO or a rental. Ask for Beth Coots or David Roberts.

Go to conferences. Note Expo in DFW in November, Paper Source in Vegas this month, Noteworthy, Distressed Mortgage Expo.

Be wary though. There are a lot of self proclaimed experts out there. And do a background check on anyone before you give them money. 

Thanks. I'll just make it a point to check in any state I buy in.

So is the note dead, or do you have to go through the process of getting your own LNA?

Every state and county has different rules. For example, there are three processes in the state of Missouri. Depends on which county you are buying in. You should talk to an attorney local to the area you are looking in about the processes involved.

Depends. Do they have an attorney? One of my borrowers got legal aid and it was never ending and was going to go to trial. The idea was that it would cost me so much that I'd give in. They were right. They were going to subpoena servicers, prior owner and anyone else involved. And I'd have to pay the costs. I had the law on my side, but judges don't always follow the law. We gave the defaulted borrower a mod that legal aid approved. He's defaulting again, but he'll have less protection because it's no longer a residential loan and it was approved by his attorney.

Had another in Michigan where we offered forbearance that was rejected. Went to court and the borrower showed up without an attorney. Gave a son story and the judge came up with a FBA. What choice did I have but to accept it. The borrow still didn't pay and we resumed, but the judge had no business getting involved. They do though and they don't all the time.

So what should you expect? What's he done in the past? You should have 9 years of history. I can't believe you are the first to act on the default. Any Pacer reports? Obviously he's a fighter and probably knows the system. A BK is what I would expect. If that doesn't happen and if he has an attorney, maybe a civil suit. 

What I wouldn't expect is someone that will just sit there and take it. He's already demonstrated that he won't go down easy.

@Natasha Hunter Nope

@Andy Mirza

I think we are doing it the same Andy. It's all on the balance sheet until it's sold. Mine is a fixed asset and yours is Other Asset, but that's about the only difference.