All Forum Posts by: Jack Krupey

Hi Alex,

I've actually been very successful buying distressed 2nd mortgages with equity. A lot of people hear 2nd mortgage and are scared off. We've been able to buy 2nd mortgages where either there is a LOT of equity and the first mortgage is still current. You can buy 2nds a lot cheaper than firsts and there are many loans you can buy for $5,000 to $10,000 each.

Send me a private message and I can give you a lot more detail.

Thanks,

Jack

The foreclosure doesn't automatically stop when the mortgage is assigned to you. I have been involved with a number of transactions where my firm has purchased a note half way through the foreclosure process.
You will receive an assignment from the bank you are purchasing the note from and depending on the specific county filing the assignment may complicate the foreclosure proceeding but typically wouldn't make you start over.

Kondaur regularly sells notes with pending foreclosure dates and you are able to continue right on with the upcoming foreclosure date.

If anyone has any other questions I used to work for a hedge fund that specialized in liquidating distressed mortgages.

I have access to non performing mortgages for sale if anyone is interested please private message me.

Thanks,

Jack Krupey

Jack

Hi Rockford Area Real Estate Investors. I have a property we own and are looking to wholesale. The address is 8268 MCMICHAEL RD in Caledonia, IL. It is a large 4/2 house. The BPO came in at 220 however we would wholesale for around $150,000 is this is a foreclosure and the borrower only owed us that much after fees.
Please PM or call me at 8665615600 ex 522

Thanks,
Jack

Hi Everyone,

I wanted to post a new thread about how to do these deals given current market conditions.
We have a cooperating seller who would be willing to just give us the deed in liu of foreclosure however we haven't filed due to the short sale.
We have a buyer for the property. Standard financing, non fha. (However for others please note any FHA Differences, I've read they have removed their seasoning requirements for 1 year?)

We have a good price on the short sale negotiated with the bank
What is the best way to set up a double closing so that we can retain the proceeds.
I've read about Land Trusts and Option Contracts and the pros and cons however I know the lending landscape is changing.
Is anyone using one of those double closing funding companies.

Right now two title companies have refused to to double closings. The bank we are short selling wants to see the hud and they obviously don't want to see anyone making a profit on the hud.

I know this thread has been discussed some in the past however with the ever changing market I'd appreciate a new update.

Thanks,