All Forum Posts by: Justin Summers

 Unless it's online.. then it's another story.

good luck.. Keep us updated. make sure you know the terms.. Usually you need a cashier's check for either a percentage of your bid or possiblity the entire amount of your bid and make sure you know who it is to be made payable to.. Sometimes it's yourself and other times it's the sheriff.

I was asking when it is going..  I'm not.. I'm in PA

Good luck.. when is the sale? 

Sorry no one answered your questions.. Did you buy the property? or has the sale happened? if not I'll help.

Filing of Lis Pendis date order doesn't matter it's about the filing date of the original lein/mortgage that determines pecking order.  If the 1st foreclosures first (date of sherriff sale) it wipes out the 2nd. If they second foreclosures first it takes title to property subject to the first. 

I would reach out to both the 1st and the 2nd and try to buy either one of them at a discount.  Most of the time the first will sell at their face value (Value without interest and penalties) say it's $20k.. Then when you foreclosure you can add all those back into the judgment (Say another $3k) which is profit if someone else out bids you at the sherriff sale.  

When did the first file a lis pendis? how long ago? Does your county have the docket online?  Try to get a copy of the first mortgage foreclosure complaint.. Many times they will list how much they are owed in the foreclosure complaint.

You also don't know the payoff on the first mortgage.. Just because it was a 30 year mortgage in 2003 for $75k don't mean it's almost paid off.  in 2011 housing crash many banks took people that were 2-3 year behind in payments and added all those payments back to their principal and then started the 30 year clock over.. Check for any mortgage modifications that were recorded. Also the bank should take with you after the deed is recorded in your name.. They will not talk with you before that point as they can't discuss anything about the existing 1st mortgage due to fair credit laws. I'm not saying don't buy the 2nd just be careful and do you homework.

If the 2nd is a bank you could also contact them and see if they would sell you the 2nd at a discount and then you could just step in do a substitution of plantiff and continue the sheriff sale with yourself as the 2nd mortgage holder.

I loaned  money to someone that has a property that is going to upset sale in Pennsylvania his property currently has no mortgage.  If I get that person to sign a mortgage against the property before it goes to tax sale for the amount they owe me and record it with the county,  I assume I would have a lien on the property that the purchaser at the tax sale would have to payoff to get clear title.  Even though the mortgage would be recorded just 2 days prior to the tax sale and wouldn't be showing up in  the landex records yet.  I assume it would still attach since the recording date is prior to the upset sale date.  Am I correct?

Most cities and towns have annual rental inspections.   Try calling the local city office..   Also, curious why you are picking annapolis? The rental return vs purchase price would be better outside of Annapolis.  As others have stated if you are trying to maximize your return you would be better off renting out rooms in a house.. I know a few people that have bought 4 bedroom homes in Bowie or Crofton MD and rent out rooms for $1000 per month.  Also, as other's have said it's common for newer homes to finish the basement and rent out a basement apartment.