All Forum Posts by: Account Closed

@Sandy Reddy

No.  There are lots of tricks attorneys do to at least postpone a foreclosure.  Bankruptcy is a big one.  I would think to stop a foreclosure at person would have to get caught up on the loan or work some kind of a payment plan with the lender.  

@Sandy Reddy

I cant think of a reason why not.  Usually a home owner can stop a foreclosure proceeding right up to the day of the sale.  I have seen 5 minutes before a sale where the brother came in and said he would payoff the back debt.  BTW 6 months later the was sold on the court steps.

@Brian Burke

I am just wondering what kind of argument is used by a previous home owner to get their house back.  I would think it would go back to the original judgment which gave the lender to right to sell the home.  

Cool thanks for the words of encouragement.

 I was hoping you would have jumped on this post of mine from earlier in the week.  I am trying to take my business to the next level and am trying to figure out if contractors or employees are the answer.

bp post

@Jay Hinrichs

Interesting. Just last week I created a new LLC and will be doing the S-corp tax election. Up till now I have been treating my, dare I say income, as capital gains. I was only looking at the down side of this, but during the course of this correspondence maybe an upshot I hadn't thought about exists. The upshot being better access to a business LOC. Do banks somehow, magically, start to take your income more seriously when you start paying self employment tax on it? Yeah probably not:) Thoughts?

I guess 35 is the new 25:).  Well unfortunately for me I need more than 10 years to make me young.

@Jason Green

I bought a house a couple of years back where the lady only owed only 8k on the mortgage.  She let it go into foreclosure and I got it on the court steps.  Doubled my money on that deal without doing anything but changing the lockset.  Why?  The lady was crazy.  Just never know I guess.

@Jay Hinrichs

That's just incredible.  You must have been on cloud 9 when you started making that kind of money.  Not that you still would not be on cloud 9 but growing a business is exciting for anyone, at any level.  

That LOC sounds extraordinary to me. I have been doing this for 8 plus years and have just about as high of a credit score one can have. Yet my long term commercial lender at a small town bank said I was not eligible for anymore loans after I quit my 6 figure engineering job because my flip income was not reoccurring. This was after he had financed 6 deals with me. Two of which I still have today.

@Jason Green

Yes that does almost sound too good to be true.  When you did your preliminary search did you come across any divorces or deaths.  I mean certainly a 40 year title search will flush out the issues but I would be wondering the same thing.