All Forum Posts by: Lauren B.

I mail letters and don’t specifically say “you’re late on your taxes”. At the end of my letter I say “we can help overcome issues such as estate and probate problems, pre-foreclosure actions, late taxes, property line disputes, etc.

You need to probate the estate. Was there a will? You can hire an attorney to do this for you (probate) or, I would assume since you can DIY in N.C. you may be able to DIY in your state. Is your goal in refinancing the primary mortgage to get a lower interest rate?

My current flip is a doublewide on perm foundation. Qualifies for 30 yr FHA or conventional loan. It’s a 1998 so I was worried about it’s age, but banks are saying if it’s newer than 76 they’ll lend on it. FHA has stricter requirements so I’m limiting buyers to conventional

I vote with the others. FHA loan, live in it a year then sell. You could fix it quickly and take out a HELOC Before year is up to put down a down payment on your rental.

Question. Did the county or town pay for the house demo? If the county or town did, (at least in N.C.) government liens aren’t wiped out by tax sales. If it was a private contractor, it should have been eliminated. At least that’s how it would work in N.C.

If he’s on Medicaid and that’s how he’s paying for nursing home care, then chances are Medicaid has or will have a lien on the home. They cannot sell or give away property or they risk losing Medicaid. There’s a 5 yr look back period. even if they sell it cheap, and they buyer doesn’t care about them losing Medicaid , (and the nursing home care) , Medicaid can still come take the house from the buyer. (The Lien would still attach).

I have done this. They held over. I had to evict. So just expect that. I held back $5k in escrow for damages plus in the agreement it is $100/day penalty for each day they stayed past the agreed date. If they had challenged the eviction it would not have been enough to cover the process. If it’s a short sale, they’re not expecting cash back, they’ve got nothing to lose. If they’re due back funds I might consider it with a larger amount in escrow (up to $20k or all of their proceeds minus like $2k to move) and also knowing the eviction process in my state. (Wouldn’t recommend this in CA. Somewhere on BP there’s a saga of one mans 4 or 7 year journey to evict a holdover seller in CA. Worth the read).

The quote I got was $75 per pier. The piers are already set up under the house and there are tiedowns  with a block perimeter wall.  The piers are set on concrete footers already. We have not had it inspected  by an engineer yet but I feel pretty confident that all we will have to do is bond the existing piers  because they are dry stacked and not mortared. 

FHA foundation requirements are extremely specific for mobile homes. We’re under contract at the moment on a doublewide and the booklet for foundation requires requires piers spaced at certain distance apart,a certain square footage of venting, piers on footers below frontline, mortared , etc etc. they require an engineers inspection to approve it. If it were me I’d call your local mobile home dealers and ask for the mason they use and talk with them. We’re having to bond the piers with surewall to meet fha requirements. It’s also 20 yrs old.

It’s the post. It’s meant to be inflammatory and create buzz. This isnt even real news. Are any of us actually going to get worked up over an article that actually writes ... “While many Americans still mistakenly attribute the start of the Great Recession to mortgage defaults by low-income subprime borrowers, speculators were actually at fault, according to a groundbreaking 2017 report by the National Bureau of Economic Research.” The post’s interpretation of the NBERs research seems to take some liberties. It actually seems that the NBER is saying that it wasn’t just sub prime but also prime loans that defaulted, and the Post just to make the jump to blaming flippers exclusively. ( The study itself is behind a paywall. ) “We find that real estate investors play a critical role in the rise in mortgage debt only for the middle and the top of the credit score distribution,” wrote researchers Stefania Albanesi, Giacomo De Giorgi and Jaromir Nosal in the NBER report. ” The share of mortgage balances of real estate investors rose from 20 percent to 35 percent between 2004 and 2007 for quartiles 2 and 3 of the credit score distribution. Most importantly, we find that the rise in mortgage delinquencies is virtually exclusively accounted for by real estate investors.” This article is actually interesting; http://mitsloan.mit.edu/newsroom/articles/rethinking-how-the-housing-crisis-happened/ Although, the NBER seems like it’s blaming the middle car in a multi car pileup. Sure, investors (flippers) will default in the middle of a crisis when housing bubbles pop; but it wasn’t the root cause. My ex was working in derivatives on Wall Street in 01-07. All I can say is, Watch “the big short”. It will make more sense why flippers were absolutely not the cause.