All Forum Posts by: Alin Toncz

After searching and calculating all judgements and liens against the property, it comes up to more than $ 15,000.00 Now, the home value is listed ( after doing a neighborhood comp) at $ 48,000.00 Im thinking after paying all liens out, to sell the property (after foreclosing on it ) for $ 35,000.00 

Do you think its worth it? I will have to deal with Chicago bureaucracy and head aches for maybe 1 month. Is it all worth it?

I've got the title search done on a property and the title says it has a 2008 tax lien and about 6 judgements and fees from the city for grass cutting and boarding up the property. What do I need to do next? 

Thanks Bob,

Ive used Pro Title today. Very easy to navigate & cheaper than others.

Thanks a lot guys. You're great!!!

If I have to do due diligence and do a title search, does the title company have to be in the state where the property is located or can I use an out of state title search company? 

@Rick Harmon,

Yes, I am a 1st place lien holder on the note. Im working right now on due diligence and I will do my best to try to work with the owners of the house to make things comfortable for them and keep them staying in the house without breaking my back. There's only so much help I can give them before they realize they have to help themselves also. I also bought about selling the note for a little more profit, but I'm waiting for a comp analysis from the agent I hired to tell me real numbers about the actual property value. Once I know that, I'll probably make my move to sell the note and at what discount. 

Thanks again Rick for your input,

Alin

Thanks a lot Jeremy. You've been great help... Keep in touch if you like.

Alin

Does anyone know where I can get the programs for Wholesaling & Flipping Calculators? It seems like they're very good tools to keep you on track on your potential investments. The more help i have at my fingertips, the better. 

Thanks a lot,

Alin

Dan Waugh, I placed a lengthy explanation. Hope it helps: and no, you don't use a realtor. Search Note Holder companies. Look up a buddy of mine on BP named Roland Thomas or search the BP forums under Notes

This is a reply for all: NPNs are non performing notes where a mortgagee failed to pay his mortgage for sometime. The note or mortgage holder that has had enough, puts the NPN up for sale on a servicer site: I'm using FCI Exchange. If the mortgage is for $50,000, the note holder will sell that mortgage note for a discount (many times for less that 50%). Now, I buy the NPN for let's say $20,000, I can use the servicer to do all the title & lien searches while I hire a home inspector to inspect the property. I can also use the FCI servicer to communicate with the mortgagee and either ask how much can the mortgage afford to pay a month. What I can do is restructure the payment with a lower interest to make it affordable for longer periods of time. If mortgage refuses to wot work with me, I can use the FCI servicer to initiate foreclosure, where I have to pay foreclosure costs. I can also offer the mortgage cash for key helping him avoid 7 years of bad credit & foreclosure costs for myself. Once they move out, I can rent it, sell it outright at lower market value or finance it to a new buyer. Hope this helps: I tried put it into words as I understood it explained by Eddie Speed