All Forum Posts by: Heblin Villa

if somebody currently has mortgage insurance and you know that you now qualify for the lenders to take it off and you never request the cancellation...will they cancel it with out requesting the cancellation? 

@Wayne Brooks i definitely misunderstood your question, first of all what is being sold is the HOA lien only (what is owed to the association) with that said if the judgment is $24,950 and there is equity on the property it is most likely that there will be a bidding war; so it is possible for the bidding to go as high as the bidders are willing to pay. what the highest bidder payed goes to the association, screwing the borrower because now instead of owning $24,950 to the association he would need to pay back the whole amount of what the highest bidder payed during that 90 day redemtion in order to redeem his property.

@Wayne Brooks in California the highest bidder get a certificate of sale subject to a 90 day redemption, after the 90 days are up the highest bidder has priority for the surplus in a CA HOA foreclosure.

@Account Closed

K. Marie Poe, I sincerely thank you for your consideration and for taking the time, I do not know if borrower is deceased since the deals I am puzzling together do not require the buyer, once we are awarded with the certificate of foreclosure all we do is wait for the 90 day redemption period to expire in order for us to start settling and paying off the surviving senior loans, no approval from borrower needed, but as you mentioned that you know better and more profitable plays than HOA foreclosure sales, I would love to learn some more about them, any insight is greatly appreciated, wish you continue success.

@Account Closed @Jean Norton 

I search and analyze potential real estate opportunities for cash investors in return of a finding fee at close of escrow.

I rely on "propertyradar.com" for title search, than I pull a property profile for guidance at the county recorder's office to puzzle together loans and re-conveyances, foreclosure notices and releases but have not been able to figure out "how to" estimate default amounts on mortgage liens, for example I am currently looking at this HOA foreclosure schedule for 11-26-14 in which the estimated market value is $484, 397.00, with a standing senior mortgage of $103,000.00 issued on 7/16/2009 and the HOA default in the amount of $22,488.00; There is no other mortgage liens, judgments, special liens, notice of default or notice of trustee sale found and the starting bid is set at $24,950.00

I do not know if current mortgage is in default, I just see every day how big players confidently bid huge amounts on this properties and think they would not do it without certain degree of confidence, in other words from my example above how can I estimate the maximum amount to bid if there is no certainty that the senior loan has 80 or 90 thousand dlls. in default, my experience is if someone else has defaulted on the hoa, most likely their mortgage is in default as well.

Is there a way to estimate a default amount from a senior mortgage lien before biding at the HOA foreclosure sale ?