All Forum Posts by: Mike Morrone

Have any investors ever found a resource where one could locate homes in PA that have been sent the Act 91 notice? I contacted the PHFA and some county offices yet they've all told me that it is private information. I spoke to another investor who specializes in purchasing Act 91 homes but I didn't ask where he finds the info (doh). Here is some info on Act 91:

1/2/2014 January payment becomes past due.

2/2/2014 February payment becomes past due account is now due for 2 payments.

3/2/2014 March payment becomes past due account is now due for 3 payments.

3/5/2014 Lender sends the Notice of Intent to Foreclose (Act 6 Notice) to the mortgagor. If applicable, the lender will also send an Act 91 Notice to the mortgagor.

4/8/2014 Act 6 and Act 91 Notices have expired - Lender refers account to Foreclosure attorney.

5/8/2014 Foreclosure attorney begins the legal process by filing a "Complaint" at the county courthouse.

6/23/2014 Mortgagor does not respond to the complaint a "Default Judgement" is entered.

6/25/2014 Sheriff’s office schedules a "Sheriff Sale" date.

7/25/2014 Notice of "Sheriff Sale" is sent to each mortgagor on the loan.

8/25/2014 "Sheriff Sale" is held.

8/27/2014 Sheriff prepares and records a deed conveying title to the purchaser. If a third party does not purchase the property, the deed will convey title back to the lender.

8/27/2014 Eviction process begins if the mortgagor still resides in the property.

- See more at: http://www.phfa.org/consumers/homeowners/defaulttimeline.aspx#sthash.LQQh6hun.dpuf

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Originally posted by Bill Gulley:

Call the title company and ask for it, it should be much cheaper, I get them free.... :)

Bill,

Who would be the title company on this property? I know I have a lot of questions, thank you for your patience. :)

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Originally posted by Bill Gulley:

No, so long as it is the senior, 1st mtg, they will say waht the priority of the lean is, if not, ask. Hint, it won't be going at 40K, or less which could be a second subject to a first, if you state does that, it will be over 160K.

If you have time, might ask for a preliminary search for title ins. Otherwise you need to look for other issues. Again, the trustee did a title search to foreclose, if you get there earlier and can find them you may get to see that search.

On this document pictured you start at the bottom working up, the releases show were from prior loans that were paid off by the ones shown. The assignments are simply passing the outstanding notes to servicers/holders, they aren't new liens. Looks like from that too there were slow pays or delinquencies that may have caused them being passed, or not. Anyway, Happy bidding! :)

How should I perform a preliminary title search?

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So what you're saying is if I bid (and win) on this property, I won't have to worry about getting stuck with another mortgage? Debt amount listed is $186,000 and all costs are $186. I have seen them sell well below their debt amount so what is that number used for?

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Looking to purchase my first investment at foreclosure. I see two lenders listed on the deed, does this mean there are two mortgages?

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All Forum Posts by: Mike Morrone

Mike Morrone has started 2 posts and replied 5 times.

Post: Act 91 Homes in PA

Post: Are there two mortgages on this property?

Post: Are there two mortgages on this property?

Post: Are there two mortgages on this property?

Post: Are there two mortgages on this property?