All Forum Posts by: Carolyn Morales

 In a way they are allowing this except that the discount is not passed off to the original borrower, consumer.

I understand generally banks sell notes in bulk to other financial institutions. We are not a financial institution per se' but we have owner financed several sold properties. Not that it would have any bearing on WELLS FARGO letting us buy our own  mortgage note. Just something to think about and possibly dig into.

Thank You for your reply!

 No, not in default at all. I am just wondering if anyone has heard of this similar as Jay mentioned in commercial situations. If it makes no difference to the bank in the long run , Why not give the original borrower the chance at the  same discount that is given to mass note buyers?

I imagine I would have to really dig into WELLS FARGO  to find out. 

We are not behind at all, but the property has lost value and that is a bummer to owe more than what it is worth on any property.. I was just wondering if there was some kind of loop hole that if the bank is going to sell off our mortgage note , Why not give us a chance to actually buy the note at the same discount?

 I understand banks generally sell to other financial  institutions who then can sell notes to investors. We are not a financial institution but We have sold several properties owner financed ourselves.

I'm sorry Jay, What is GFC? 

We gave a 7k reduction to our excellent owner financed tenant due to declines in the market and the well collapsing after 4 years and my CPA did not ask for 1099C information on the tenant for that loss hhmmm. Perhaps I should check into why he didn't. Thank You for that information as well.

Can I buy my own mortgage note from the bank for pennies on the dollar? it can not hurt to ask, right?

Interesting. DOT is taking 50 ft beyond existing right of way from one of our properties. Of course, they are taking 50 ft from every property owner on the street to 5 lane it. fortunatley the home sits a good 300 ft back on a lot that is 100 wide x 600 deep. There is no mention about what we all get paid for ID 50 ft. Numerous times in different meetings it has-been said it is not worth fighting because ID pay out is fair or more than fair...

well I am about to see my CPA about it. 1/3 will be equity transferred from an estate to a minor in a probate inheritance. So it gets complicated. Me and my sister are investng with our little brother who is a minor. We have no part in inheritance but can buy it from the adults who do and i have custody of my little brother who is a beneficiary. Him and my 2 step sisters are beneficiaries. And me and my real sister want to buy them out, then improve the home but my little brothers equity will transfer with our improvement til he is 18 and it will be a value add type of rehab in many ways.

 ThankYou Sylvia B So if 3 family members go in together and buy a house for 50k it's block in good shape recent flooring & AC , but it just needs the tiny kitchen diy updated & minor cosmetics and heat and cooled sq ft needs to be updated at the county to include additions.; then they sell it for 90k .Do each of the 3 family members get taxed individually on their individual total income? And if it's only one flip and a first flip, Do they still have to pay self employment tax? So to buy for $50k and sell for 90k, including diy repair costs split between 3 people, Is it even worth it? I will go to link you shared