All Forum Posts by: Daria B.

@Account Closed here is a link from searching BP that you might find interesting.

https://www.biggerpockets.com/forums/93/topics/102...

@Jeff Copeland just thought of this after I posted - there is an HOA lien on this property that is not erased after sale. Is it that the minimum bid amount is set to cover all these costs and paid to the lien holders afterward?

@Wayne Brooks, @Jay Hinrichs, @Jeff Copeland, @John Thedford

Thanks for your contribution! 

@Jay Hinrichs in this case the Note owner is not any of the larger banks. I don't think it's necessarily a hedge fund, could be, so I am assuming the holder is someone in-between a hedge company and a small Note investor who is selling.

@Jeff Copeland you're in my area, so to speak, I am in Gainesville. Thanks for the links. The property was BPO at $850k (not sure what timeframe) and at the time the itemized filing $ topped $833k that included interest, late fees. I was looking to this property for the purpose of educating myself on foreclosures from the Note perspective - not really looking to "get" the property but I understand from owning Notes that it happens. I was also looking at it to get the history and learn a little about the borrowers through the filing - actually says a lot after reading all the docs. Either their attorney suggested these tactics or they approached their attorney - all in all it allowed them to stay the foreclosure for over 3 years. I was contemplating whether it would even be good to purchase the Note (if) the borrowers were able to continue to give push back as they have done for the 3 years.

@John Thedford At what point did you approach the borrowers for a DIL? Did you have to wait for the final judgement or was it simply contacting them. I found after reading all these docs that several things can delay the process of foreclosure - I almost think the attorneys know this going in and have had the "next" motion paper already ready to file. :-|

do you've now what happened with whomever holds the Note? There is a lot of debt on this property, twice the Note has changed ownership. @Wayne Brooks 

Hello,

I read through all the documents of a house here in Windermere Florida for the purpose of educating myself on some of the nuances of foreclosure here in FL.

The couple bought the house in 2008 and immediately in 2009 was trying to rent/sell, likely in over their heads. They had a 650k note and at some point stopped making payments. 

The 1st document leading up to the foreclosure was 6/2013 with several thereafter like them filing bankruptcy twice, mediation for which the couple did nothing to follow the plan or pay so the trustee recommended to the court to not approve the plan, frivolous filings to the court to stall the process (one documents states they challenged who actually owned the Note in addition to several other challenges).

Now after all of the stalling tactics there is a court date set for a non-jury trial in June-2017. 

Say the court grants the foreclosure giving the lender back the property, what happens next?

Seems like this couple has done everything to stay in the property so can they appeal yet again stopping the lender from taking back the property?

 I understand the formulas. Your statement has an either or but didn't indicate which one you were referring to.

Minimum 2 yr account open without penalty of owner paying the closing costs (these are covered by the bank).

Minimum 1% monthly payback of principal if not paying the full P&I. These may or may not be specific  to me since I was talking to them about my account. It was assumed but this could be in general.

As with most lenders, it's the same max 10 yr draw and then payback only if there is a balance. After that they can evaluate your credit standing and LTV to do it all over again for another 10 years.

Rate is based on prime.

My credit score is over 800 so the rate, although prime, was under the prime % because I have a great score. And that may change every day but as of last asking, it was still under prime.

There is an option to "lock in the loan" as they call it so the draw is not based on prime. There is a small fee for tlhis though - yeah they still stick it to ya.

They issue a credit card so you can just draw money unless it's a large amount you may want to write a check - preference.

If not actively using, a draw of a small amount with the card should be done per year to avoid fees. I bought something the tune of $5.

🤔I think that was everything I could think of in general.

Hope this helps....

@Erwin F.

I got my HELOC from Regions bank and they did it on the primary with no closing costs. I also contested the "drive by" BPO since the report compared my property to those that they had internal knowledge of (improvements). That's apples and oranges. When I showed I had upgrades to rival the comps, they ordered an appraisal and I got $30k more that was considered after the 80% LTV. I did not have to pay for the appraisal.

Regions will consider an investment property as I was going in that direction but the one property I wanted to use is in MD and they don't have a banking presence there yet. From what I was told, there is no difference in cost, of there where any. Closing costs are incurred when the account is closed in less than 2 years. I'm on my 2nd year now but I have no intension of closing it.  

You can likely choose any of those to HELOC. The more you have LTV the more you will be able to utilize better.

Good luck.....

@Brian Gibbons

Thanks for the education!

I didn't quite understand which of these you were referring to, is it 'sell for cash' or 'keep' of the note that has the best PV?

The one you sell for cash or keep is the one with the best PV or present value. You can trade the lower PV for equity in real estate.

Wow @George Dean I've been thinking about so many other things having only a small amount of Notes, I had not thought of this. Have you tested Pipedrive out?