All Forum Posts by: Account Closed

Hi John, since the listing is so fresh (9 hours at this time) the main page hasn't had time to update. 

I'll bet tomorrow it will either say $238,500 at the top or the person who wrote the blurb for the description put in the wrong amount anr that willbe changed to $157,000. 

Either way, I agree with you. 

Somebody boboo'd on this one. It will be corrected, in time.

Hi Kris, It is unlikely anyone here can give that specific of advice. There are (or used to be anyway) a lot of Canadians investing in Phoenix and the class I went to on working with Canadian investors in Arizona covered some of the tax implications. You would have to talk to an American/Canadian tax specialist.  

Yes. It is very time consuming. Whether it is worth the effort depends how much $$ you have to work with. If you have to find a private lender, it will take too long. What amount do you have to work with before doing the emailing?

How do you know they own properties? 

If they filed BK and owned properties, they most likely are in arrears and you'd need to bring them current to stop a foreclosure. Complicated stuff. I did that for about 15 years though, it can be done but not by a newbie without losing a lot of money.

Yes, if the flood was last year. Looks like you are in San Diego. Doesn't San Diego have earthquakes and canyon fires and pollution from Fukishima and traffic and taxes and crows? (The crows are the worst, nasty creatures.) Sure, unless you can tell the future.

@Scott H. There is an Office Mailbox not far from me that will give you an "It has always been a dream of mine to have an address outside of Indiana" for $19 per month. ;-)

Scottsdale is second home to a LOT of snowbirds from Indiana. 

How much do you have to invest and when do you want to start?

Some people list numbers on deals but your situation is so technical that few would understand. I have done foreclosures for 20 years so I've seen everything. If you want me to do a quick review you can email me Go to my Profile for the email address. BP won't let me post it here.

I need to know how much you are willing to put into the deal, also need to know how many people on title, when the loan was originated, was the loan to purchase the house or is it a refinance, do they invoke homestead, have they ever filed bankruptcy, have they been in arrears with Ocwen previously and are they co-operative. Let me know. Ken

@Peter Hanna I think the lender would be Ocwen which has a terrible history of fraud and deception with borrowers. Run a search on Ocwen and check RipOffReports.com

That being said, simply selling the house won't stop the sale. You will have to call Ocwen or the Trustee and get a reinstatement amount. They may be able to fax it to you. They will probably deal only with someone on the note or someone who has been authorized. To get a "rule of thumb" arrears, multiple the number of months of missed payments, multiple by 5% for late fees, add about $3,000 for legal fees and you should be in the ballpark.

Without question have a Title search.

Is it the first or the second loan that is in foreclosure? You need to find out the status of the other loan and the amount of payoff there too. 

Once you have the principle of the first, the principle of the second, the arrears, (the amount to bring the loan current) how much "walking money" the homeowner is going to get, the rehab costs, and the real estate agent's fees for selling and probably 4 months of carrying costs, you add all of that up and subtract it from the anticipated sales price one you've fixed it up. That would be your profit (or loss) and an awful lot of people get buying foreclosures wrong and lose a lot of money. So, be conservative with the numbers.

Yes, you would have to evict if they don't go willingly.

@Ned Carey Is it accurate that MD has both very high property taxes and you have to pay a stiff transfer fee when you sell? 

Maybe. 

However if you wait until you inherit the house, there won't be any capital gains.You will have a new basis at the time of inheritance. 

It's unclear what you are trying to accomplish. They are too many missing answers.

I would definitely talk to a CPA or tax attorney on this one. Depending on the numbers, you could be making a huge mistake.