All Forum Posts by: Pavel Sakurets
Pavel Sakurets has started 48 posts and replied 316 times.
Post: Which states would you recommend to buy NPNs in?
- Investor
- Minneapolis, MN
- Posts 332
- Votes 74
I buy NPNs in MN, TX, TN, MS. Which other states you would recommend to buy NPNs in?
I'm looking for a quick foreclosure states with the shortest redemption period.
Post: I foreclosed on SF, looking for a co to secure the house & do wi
- Investor
- Minneapolis, MN
- Posts 332
- Votes 74
Hi, I foreclosed on a single family in Maple Grove this week, looking for a recommendation on the following:
1. Borrower said that the property has not been abandoned, but the water has been turned off for a week at the street. I want to reduce redemption period from 6 months to 5 weeks. My attorney says that it's not worth spending the money to shorten the redemption, because the borrower will fight the redemption reduction and the judge will dismiss the case.
If anybody was in this situation, please advise.
2. Looking for a recommendation of a contractor who can secure the property, change the locks and do winterization.
Post: I HAVE NATIONWIDE PN'S & NPN's - RESIDENTIAL AND COMMERCIAL
- Investor
- Minneapolis, MN
- Posts 332
- Votes 74
Hi Scott, if you have NPNs in MN, please send them to me.
Post: want NPNs in MN only
- Investor
- Minneapolis, MN
- Posts 332
- Votes 74
Will consider Greater MN also
Post: want NPNs in MN only
- Investor
- Minneapolis, MN
- Posts 332
- Votes 74
I prefer NPNs in the Twin Cities, but will consider Greater MN only.
Will make a buying decision within 1 hour after I open your offer
Post: Has anybody ever bought a non performing 2nd note from Wells?
- Investor
- Minneapolis, MN
- Posts 332
- Votes 74
Originally posted by @Christopher Winkler:
We have a 2nd Lien NPN we will consider selling you, let me look at the numbers later and get back to you...
Great, please send it to Pavel at RealEstateLiquidators.com
Post: Has anybody ever bought a non performing 2nd note from Wells?
- Investor
- Minneapolis, MN
- Posts 332
- Votes 74
Originally posted by @Christopher Winkler:
The chances of them selling you one note are slim to none. The exchanges like FCI might be a better source for you, though most are over priced.
I'm signed up with over 20 sites including FCI to purchase NPNs in MN only and none of them have the notes for sale in MN (except 1 in central MN that is overpriced by 50k)
Post: Where I can buy NPNs in MN only?
- Investor
- Minneapolis, MN
- Posts 332
- Votes 74
Originally posted by @Jay Raught:
@Pavel Sakurets If you are holding the notes through a servicing company that is licensed in MN wont that cover you? I would be interested to hear what they tell you. Some servicing companies are licensed to collect in all 50 states.
I got a response from MN Dept of Commerce from Robin Brown that even though one uses a lic. servicing co you still must have a mortgage originator license or mortgage servicer license. There is an exception: unless a person servicing loans made with its own funds, if no more than 3 such loans are made in any 12-month period. (MN Statute Section 58.02 Sub 20, Sub 22 and 58.04, subd 2).
Tooke them more than a month to respond after 6 follow ups!
Post: Does anyone have contacts at Midland Funding or Portfolio Recover
- Investor
- Minneapolis, MN
- Posts 332
- Votes 74
Wondering why moderators remove other posts?
Post: Has anybody ever bought a non performing 2nd note from Wells?
- Investor
- Minneapolis, MN
- Posts 332
- Votes 74
Hi all, has anybody ever bought a non performing 2nd note from Wells or US Bank?
If you did, could you please share who you have contacted? I've spoken to several branch managers and they don't know it and keep telling me that they don't sell them.
Is this true? If yes, I don't understand why they don't sell them; last year my company bought many properties where US Bank's or Well's had second notes and they never redeemed and lost a lot of money.