All Forum Posts by: John Dudas

Yes, I think he has tried most of those. It's too late to work something out with the bank that holds the note. He had something working through a government program but he didn't qualify because of his income level.

I'm not sure of Prosper. I can ask him.

Yes, it's the 11th hour and the chances are pretty slim. Thought I would take a chance and see what anyone on here thought. Thank you for the reply.

Hi,

I'm new and inexperienced but have a situation with my neighbor. My neighbor called me asking if I knew anyone that could help in refinancing his mortgage. (I work for a CU) He is less than 7 days away from the final date of reclamation of foreclosure. What I am asking for is advice on how to help him. It's too late for another bank to refinance. His most recent attempt was a hardship case but he has too much income now. (He got behind when he started a new business and put all he had into that for too long, now he has a good job but can't refi out.)

Will a Private/Hard Money Lender help him if it's not an investment property?  I have one in mind but have not been able to connect with them and their website only mentions investors.

Does anyone know someone that will lend 90% of appraised value to an owner occupied SFR for 12 -24 months? Or is that just not heard of and it's way too late for him?

I can have him contact someone directly and just step out of the way. 

Any response if appreciated.

Thanks!

Yeah, the redemption period expired Sept, 5th.

Mortgage is close to $388k, market price is about $270? I would need it much less than that as nearby houses are $295 - $225.

Redemption price now is what ever the bank can get for it I guess...

Thanks for the replies    

I think i know the answer but i want to get some real experts to confirm.   There is a property I have had my eye on that has been foreclosed. The bank bought it at the Sherriff's sale 6 months ago and I think it's about to go on the market. Woudl contacting the original owner serve any purpose now? Isn't the Bank in charge and they will sell it at the price they can?  A Real Estate agent is telling me to contact the owners and talk to them about buying it. I don't see what benefit that will have to me now but I have not done anything yet so what am I missing?

I contacted the bank about two months ago and they said when it's listed by an agent I could bid on it then. Gave me no information.

Any thoughts would be appreciated.

Hello,

I have been a member of Bigger Pockets for about 5 months now (lurking) and this is my first official post. I am from Adrian, Michigan and hope to start investing in Fix & Flips and then Buy & holds for future income. I am currently working as an IT Director for a financial institution. I have no real background in Real Estate, just a lifelong interest in finding a run down place and making it better while I make some money from it.

I recently passed the Michigan State Licensing Exam for Real Estate and plan to start as a part-time sales agent when my pocket card arrives. I already have a broker, just waiting on the State paperwork.

I figure that will be a good way to learn the market and find out what properties are selling for as well as get an early lead on prospective purchases.

I am on podcast #69 and plan to listen to all of them. Lots of great information there and on the forums. I am looking forward to making my first deal. No one believes I can do it so I want to prove I can make this a lasting business and not just a lot of talk.