All Forum Posts by: Daniel E.

Scenario:

- You are the lender (purchased the note while in foreclosure)

- Lender has been awarded default judgement

- Sheriff sale scheduled 6/15/18

How does it actually work when you show up for the sale? Do you just show up, say you are the lender, credit bid, and they do not make you pay? Or do you need specific documentation proving this? 

Thank you,

Does anyone have experience in buying severely delinquent NPLs? What are some of the pitfalls? 

For example:

Borrower has not paid since 1995. 10-year statue does not start until maturity (2017). Appears no contact has been made, but loan has been sold twice. All files are accounted for, but payment history could be difficult to actually prove, short of either party proving payments.

Would you buy?

Thank you for the replies. The concern really is this:

1) borrower receives force-placed letter

2) borrower is angry and destroys house before insurance is placed

How can I protect the uninsured period after acquisition and before force placed is actually active?

Hello,

Does anyone have experience in obtaining property insurance on a property where you have acquired the non-performing loan? 

I am concerned that the owner-occupant will damage the property after receiving the force-placed insurance notification request. There will be an approximate 30-day gap. As lender, can I obtain insurance, purely at my own expense?