All Forum Posts by: Ron S.

If it's worth $130M and the payoff is $120M, doesn't appear to be a short sale. With 6% in commission and 2,300 left over in closing costs, it could be a full payoff so, i'd not spend all my energy on the short sale aspect.

The only one that stands to gain in this is you, (to make a few bucks for yourself) and having her follow through with HAMP then doing a lease option with you, could put her into trouble with the Feds if she lies about her intent as it relates to the property and occupancy. You have to occupy the home and intend to occupy the home for HAMP (Among other eligibility requirements). Not sure i'd spend all of my energy on this option either.

I don't know a bankruptcy lawyer alive that would be dumb enough to think a bankruptcy discharge conveys free and clear title to the borrower. I'm thinking she was mistaken and/or you, and not the attorney.

At the end of the day, she has no contractual liability for the property any longer so, walking away from it (As she has apparently done) seems to be the path of least resistance for her and, in her best interests if not yours. You on the other hand and looking for an angle to make some money and while there is nothing wrong with that, let's call it what it is instead of what you are saying it is.

I'm just curious why this conversation that has nothing to do with Florida HOA foreclosures or Nevada or any of the other 20 or so states mentioned, has stretched so far, when it's a California property. Florida and California are worlds apart as it relates to a HOA foreclosure. In California, the HOA foreclosure isn't going to wipe out the lender's liens. Plain and simple. If you bid at sale for an HOA foreclosure, you bid subject to the existence of the liens from the 1st and 2nd lienholders.

More than likely, the HOA is making the business decision to foreclose to possibly rent it out? They have the right but not the obligation to cure the 1st and the 2nd liens. If they don't I would strongly suspect one or both will foreclosure eventually, especially if there is equity. The HOA is going to get paid eventualy, regardless.

As a lender, I can tell you that ever single letter, without exception, gets filed in the round filing cabinet. Every phone call that I receive unsolicited gets routed to voicemail and then deleted. Not because i'm lazy or rude but because i'm not sleeping with you or those like you. I'd have to be sleeping with you or, you'd have to have pictures of me sleeping with someone i shouldn't be sleeping with to liquidate notes that will generate recovery against my losses upon foreclosure. Maybe more tactfully stated, why would I as a lender want to get rid of a group of loans that (as you state), have equity in the property? If you know they have equity, wouldn't it be fair to say that I know they have equity?

The days of lenders trying to get non performing loans off of their books are gone. There is no incentive to discount the notes and sell in bulk any longer just to shore up the books and make the institution look stronger. Maybe there are a couple of mom and pop lenders that are in over their heads and/or can't cash flow with their investments but for actual banks, I don't see this as a viable marketing strategy.

Now...if you want to buy my notes for non performing loans with no equity, leave me your number.

No, not at all. I'm simply rebutting what you said about different banks having different rules. They don't have different rules where they are subject to Federal regulation.

@Steve G -

The rules are not different for banks/lenders. They are all subject to the same rules and regulations. "the most restrictive restricts" so, even if local rules may be more lenient or favorable, the federal rules won't. There IS a one size fits all with banking regulations. Unfortunatley, "Creativity" is not a term that is favored in the banking world.

-One correction; size does matter so, if it's one of the big 5 subject to the National Servicing Settlement or, a bank/lender subject to "Large Servicer" designation by the CFPB, the rules are even more restrictive and...while it's great in theory and on television,

"good, reputable and knowledgeable lawyers" are like Unicorns.

As fair as the chances are of anything happenning. That's not really a valid question considering there are too many variables to provide anything other than what I provided.

You're gonna need to be a lot more specific. Who called? What did they ask? What did they tell? Why did they call? Who and why did they say what will take 2-3 weeks to close? Is it a short sale?

That strategy won't work. Maybe you could buy it on the courthouse steps but, you won't be able to buy it in a short sale. It's not arms length, it is too late to engage in a short sale, it's not listed with an agent on the MLS. Probably other issues too.

stick with it if you are concerned about your credit. It's $150 negative to protect your credit and business. It's a no brainer IMHO.

...The "2nd position debt"? Do you mean the junior lien? Why would you do that if the senior lien is foreclosing? You get wiped out...and you don't get to "Credit Bid" unless you are the foreclosing entity.