All Forum Posts by: Louis Kim

@Tyler Heard you've missed the point entirely. 

You're my new idol, nice job! If you were Asian your mom would be saying...where's the next one!  Get more, keep crushing it.

@Jay Hinrichs wow, really? Lots of minorities so I guess white people dont live in the lower socioeconomic neighborhoods. By virtue of being the majority I'm pretty sure there are more areas for wholesaling with white Americans than minorities. 

Also as a broker do you really wanted say such a clearly racist generalization? 

As someone who's been an investor for a little while I can tell you that race has nothing to do with it, how about financial circumstances matter more. Just tied up a wholesale deal in 22207 look it up and you tell me how many miniseries live there? You sir are full of 🐂💩.

@Linda Hastings there are companies out there that do what I said above they buy nonperforming seconds to collect the fees or to foreclose on the property. 

My experience with preforeclosure  searches has shown me that more times than not someone with substantial equity finds a way to reinstate the loan. 

Also I would think if you're a second holder on a home where the first is being foreclosed with enough equity to cover the balance would you sell at a discount to guarantee repayment?

@Linda Hastings second mortgage holders are less likely to get paid when the first forecloses for because more times than not there isn't enough equity in the property to cover the high cost of foreclosure. Banks will typically have to take a 15-20% discount, then there's roughly 26% (S&P Report) in hard costs the bank will incur during the process. If the property owner has back taxes even less trickles down to the second. 

The 2nd will most likely have to file for a deficiency judgment to recovery anything...if you've been foreclosed on you probably don't have much in cash, so in essence the 2nd mortgage holder ends up with nothing.

If the second mortgage is in default, then this changes things. The second mortgage holder can foreclose on the property, and acquire the property subject-to the first mortgage. 

@Jorge Borjas I'm using Zbuyer now so far lots of bad numbers, and sellers who want 100k-200k more than their homes actually worth.