All Forum Posts by: Erin Legler

@Carol Hensal Welcome to bigger pockets!  This site is so helpful for Newbies.  Right now in Orlando it's a great time for buy and holds.  Please don't hesitate to reach out to me if you have any specific questions or need any help.

Great post!  Thanks for reminding beginners to do their homework!  I see the same thing here in Orlando.  Half the listings I get, I wonder if they are pulling their comps from outer space!

@Hal Thompson. I am not an HOA association, therefore I have no clue what their goals are when they hire an attorney. I have seen lots of HOA's picked up at the auction and the HOA got all there money back. You stated that 2nd mortgages got wiped out. In my experience I have never seen a second mortgage named in a suit. Therefore I was just giving my opinion that it does not. I have seen hundreds of judgements and have not seen a second mortgage named. Maybe after hiring an attorney and going thru timely court systems you can get it wiped out, then what? There is still a first mortgage to deal with.

But why would the attorney care about the second mortgage. They are hired by the HOA to recoup the HOA dues. If that is successful they have done their job.

@Hal Thompson Yes it may say that, but it's not that simple.  The second mortgage needs to be named in the suit.  To this day, I have never seen the second mortgage named as a defendant in a case, just the homeowner.  I guess if the second mortgage was named, you would be correct in saying that the second mortgage would be wiped out.   It's just like when a first mortgages forecloses on a property, they have to name the second mortgage in the suit.  If it is not named they have a legal case to go after the property.  That's why buying foreclosures properties is a risky business.  You have be diligent and preform due diligence before taking the risk.  I was just at the auction and an investor bought a second mortgage foreclosure thinking it was the first.  Well now the first is foreclosing and they will be losing their 80K investment.  

I'm still wondering why it would even matter if the second got wiped out, there is still a first and eventually the bank is going to come after the property.

Note:  I am not an attorney, just sharing my experiences.

@James Roux  Talk to a mortgage broker first and let them tell you what you are approved for.  

@Duke Marquiss In order to be competitive with the other offers, I would have to offer cash for the property. 

A great bank owned property hit the market and it's something I want to get in on.  Property would make a great cash flow investment.  Problem is all my cash is currently tied up in a rehab project and other rental units.  It's already a multiple offer situation, so it would need to be cash or hard money to close.  Looking for 50K, I will be throwing in 10K.  My credit is perfect and I have no debt, problem is being self employed my income on paper is not that great.  I'm willing to pay up to 10% interest.  Anyone have any thoughts?

@Jon Rowe Welcome to investing!  

Orange county (including Orlando) foreclosure auctions are online everyday.  Orange county tax deed sales are done in person on Thursdays.  Seminole county foreclosure auctions are still done at the courthouse on Tuesdays and Thursdays.  Volusia county foreclosure and tax deed sales are done online.