All Forum Posts by: Steven Mellul

thanks for your reply guys

Only interested in first as I said I don't know what buyout is just called db and they said 634k but again I am unsure what one wests role and monies owed would be... Thx for the salient info on the secondary liens .

wow quite insightful just slightly antithetical to the other comments. Thank you for spending the time to go through that title search I was slightly confused about who the note holder was as well. We contacted Deutsche Bank on Thursday and they gave us an outstanding number of $634,000 approximately.

The property is now in disrepair and will need some renovation. With repairs this house could sell somewhere approximately 900,000 to $1.05 million. You mentioned the terminology charging lien I am going to reach out to Wells Fargo bank and see what they would take for their $77,000 secondary lien. I assume that would be a prudent next step.

This was his primary home he then moved into his investment property at a remote location.

I think the HOA is from another investment property not in the state of New Jersey and unrelated.

How do you know the buyers payoff is $1.0 million? With all fees.

Is there anyway to determine the degree of seasoning in the FCL? How do we even know they have begun the process. And what would be the cost for advances and protection etc

Thank you in advance!!

Doug the house has been abandoned for over three years, the bank is assuming all tAx payments, fees etc ;and I agree with Joel that the owner is pretty much inviting a foreclosure by extricating himself entirely from the situation and making himself a poor short sale candidate. he does not want the bank to delve too deeply into his financial situation but the bank is not obliging. So no way to facilitate situation for all three parties.(the bank does not seem cognizant of the situation )

Joel that's what we are thinking he has been attempting to avoid us based on new assets. K. That's also a good thought. So what's the appropriate tact based on either scenario

I am not sure why the owner is stalling.

He has not lived in the house for many years. He is not paying the taxes or mortgage. Why would he not be on board for a short sale?

Guys thanks so much for your consideration and time. I have enclosed the cursory title search we obtained this past week. Any more thoughts??

though having trouble uploading at the moment

I am still confused on who the primary lender is .

I noticed that Mr Gurley stated you cannot approach the owner directly, maybe i misunderstood, but since the property at this moment is off the market... how can i get that bank to notice this property is non performing asset. Honestly, this is not for investment purposes my wife would love for us to eventually occupy this house, does that change any acquisition possibilities

Guys thanks so much for your consideration and time. I have enclosed the cursory title search we obtained this past week. Any more thoughts??

I am still confused on who the primary lender is .

I noticed that Mr Gurley stated you cannot approach the owner directly, maybe i misunderstood, but since the property at this moment is off the market... how can i get that bank to notice this property is non performing asset. Honestly, this is not for investment purposes my wife would love for us to eventually occupy this house, does that change any acquisition possibilities

?????????????????????? ??????? SEARCHTEC, INC. ? 314 North 12th Street, Suite 100, Philadelphia, PA 19107

???????????????????????????? 215/963-0888 Fax 215/851-8775

??????? SEARCH REPORT ??????? ORDERER: Erika Henderer SEARCHTEC#: TCH03720 CUST#: MJ-3798

COMPANY: Trident Land Transfer ORDER DATE: 10/10/13 COMPLETED: 10/11/2013

ADDRESS: 1409 N. Kings Hwy. FAX: 856-795-3885

Cherry Hill, NJ 08034 DATE CERTIFIED: 04/19/10

TYPE OF SEARCH: Series 20

??????????????????????????? NAME GIVEN: Search Any Name ADDRESS GIVEN:

??????????????????????????? DEED INFORMATION

RECORD OWNER:

PREMISES SEARCHED: TWP: Haddonfield Boro

COUNTY: Camden

DATE OF DEED REC'D DATE DEED BOOK & PAGE CONSIDERATION ASSESSMENT

11/08/01 12/05/01 5196 8 $695,000 $934,700

LOT & BLOCK LOT SIZE FORMER OWNER

4 & 64.13 N/A 1032 Greenmount, LLC

??????????????????????????? MORTGAGE INFORMATION

BOOK & PAGE DATED RECORDED AMOUNT MORTGAGEE

7070 547 05/15/03 06/13/03 $575,000 Indymac FSB

9054 446 N/A 06/29/09 N/A Assigned to: Deutsche Bank

National Trust

??????????????????????????? JUDGMENT INFORMATION

See attached 2 pgs

??????????????????????????? FEDERAL LIENS: None

BANKRUPTCIES: See attached 1 Pg

REMARKS: None

??????????????????????????? COMPANY HAS CONDUCTED SEARCHES OF THE PUBLIC RECORD FROM THE DATE OF THE DEED INTO THE RECORD OWNER(S) UNTIL THE "DATE CERTIFIED"

FOR ITEMS UNDER THE ABOVE CAPTIONS WHICH CONSTITUTE LIENS AGAINST THE GIVEN ADDRESS AND FOUND ONLY THOSE SET FORTH ABOVE. TO THE

BEST OF OUR KNOWLEDGE THIS REPORT IS ACCURATE AND COMPLETE, HOWEVER, NO LIABILITY IS ASSUMED BY REASON OF ANY ERROR OR OMISSION.

RN13-284-04068 RE: 1TB06633 1

000-1035-56

SUPERIOR COURT OF NEW JERSEY

JUDGMENT NUMBER: J-054676-2012 CASE NUMBER: L 000798 10

DATE ENTERED: 03/08/12 DATE SIGNED: 01/31/12

TYPE OF ACTION: BOOK ACC

VENUE: CAPE MAY

DEBT: $ 50,000.00

CREDITOR(S):

H THOMAS HUNT

ATTORNEY: MONZO CATANESE PC

211 S MAIN ST STE 104

CAPE MAY COURT HOUSE NJ 08210

609-463-4601

DEBTOR(S):

(No Address)

(No Address)

ATTORNEY: PETER M TOURISM

JS&A PLUS COSTS

---------------

ADDED TO OUR INDEX.

*** End of Abstract ***

SUPERIOR COURT OF NEW JERSEY

JUDGMENT NUMBER: DJ-056645-2013 CASE NUMBER: 15205

DATE DOCKETED: 03/20/13 DATE OF JUDGMENT IN S.C.P.: 06/28/12

TYPE OF ACTION: FOREIGN JUDGMENT

VENUE: CAPE MAY

DEBT: $ 8,866.29

DCKG: $ 35.00

CREDITOR(S):

COUNCIL OF UNIT OWNERS OF BEACON CONDOMINIUM INC

C/O LAW OFFICE OF JOHN M OLIVERI

SUITE 200

635 N BESTGATE RD, ANNAPOLIS, MD 21401

ATTORNEY: MARC SCHRAM

1390 STATE ROUTE 36

SUITE 101

HAZLET NJ 07730

DEBTOR(S):

103 WHILDIN AV, CAPE MAY BEACH, NJ 08212

---------------

JUDGMENT ENTERED IN THE COUNTY OF BALTIMORE, STATE OF MARYLAND

*** End of Abstract ***

RN13-284-04068 RE: 1TB06633 2

000-1035-56

SUPERIOR COURT OF NEW JERSEY

JUDGMENT NUMBER: DJ-056655-2013 CASE NUMBER: 21932

DATE DOCKETED: 03/20/13 DATE OF JUDGMENT IN S.C.P.: 06/28/12

TYPE OF ACTION: FOREIGN JUDGMENT

VENUE: CAPE MAY

DEBT: $ 6,875.14

DCKG: $ 35.00

CREDITOR(S):

COUNCIL OF UNIT OWNERS OF BEACON CONDOMINIUN INC

C/O LAW OFFICE OF JOHN M OLIVERI

SUITE 200

635 N BESTGATE RD, ANNAPOLIS, MD 21401

ATTORNEY: MARC SCHRAM PC

1390 STATE ROUTE 36

SUITE 101

HAZLET NJ 07730

DEBTOR(S):

---------------

JUDGMENT ENTERED IN THE COUNTY OF BALTIMORE, STATE OF MARYLAND

*** End of Abstract ***

SUPERIOR COURT OF NEW JERSEY

JUDGMENT NUMBER: J-274815-2010 CASE NUMBER: L 000759 09

DATE ENTERED: 10/26/10 DATE SIGNED: 06/25/10

TYPE OF ACTION: CONTRACT

VENUE: CAPE MAY

DEBT: $ 77,918.89

CREDITOR(S):

WELLS FARGO NA

ATTORNEY: MANERI & MAROULES

DEBTOR(S):

(No Address)

(No Address)

PLUS COSTS

---------------

ADDED TO OUR INDEX.

*** End of Abstract ***

Hello all, I am new to the forum and I've been very interested in many of your insightful comments. I would really like some help with my current situation which is both complex and unnerving.

This particular instance we would like to purchase NPA /NPN. We would like to purchase the home ideally but we have run into resistance from both the agent and the owner. Here is the history of this property

1. It was on the market since 2008 and has been abandoned since 2010

2. The original note was held by IndyMac for $575,000 beginning in 2003

3. In 2009 Deutsche Bank became the noteholder

4. I checked with our local tax office and one West Bank which took over for IndyMac has now been paying the taxes since 2010 but not under any tax lien or credit

5. The house is essentially a zombie property whereby the bank has no interest in foreclosing and the owner has not lived there in three years and the property has been toileting

6. The house is been off the market for several months but we reached out to the agent and made an offer and were advised that this is essentially a short sale situation where the owner was just along for the ride and the bank had the final say

7. We keep getting the runaround from the agent he has not even been able to get in touch supposedly with the owner we are unsure if this is because the agent is complicit with the owner is delaying the process for reasons unknown. Or the owner wants nothing to do with the agent or the owner does not want to sell for some reason. This is been going on for 3 months and hasn't even reach the bank yet.

8. Recently my builder advise me of the possibility of purchasing the note directly from the bank. We also did a title search which revealed different information that was given to us from the real estate agent. He never mentioned that Deutsche Bank held the note he just mentioned one West Bank was servicing the property.(how can this happen and why would one West Bank continue to pay the taxes in a non-tax lien or credit fashion for properties that they were not the noteholder for?)

9. We called Deutsche Bank on Thursday and they told us that the buyout would be $634,000

10. The title search revealed secondary mortgage of $77,000 Wells Fargo bank that had been written off since 2009. It also revealed approximately $60,000 of private contract debt to condominium associations, individual lenders private ,that were considered foreign judgments in the state of New Jersey. (what are my responsibilities to these secondary creditors besides Wells Fargo )

I have read some of Bill Gurleys comments and Mr. DIpaoli comments and would like more insight on what the proper thing to do. I have No intention of foreclosure on the individual if I could become the primary note holder , I am just interested in becoming the owner of the property. What are my best options : 1. clearing the confusion on who and what the primary noteholder is at this point either one West Bank or Deutsche Bank (should I get title insurance and a full title search)

2. Should I do with Mr. Gurley suggested which is confront the owner give him cash for keys and then deal with the primary noteholder supposedly Deutsche Bank.? This appears to be somewhat risky.

3. Mr. G urley also mentioned obtaining a waiver for the bank and then going directly to the bank but would this make it more feasible to obtain the deed and the property

4. Is a D IL helpful in accomplishing my goals and is it easy to obtain?

finally, how do I obtain the property if I have the note without foreclosing on the principal borrower? In other words I want no harm to come to the seller I just want the property!

Sorry for the long-winded question but this is of utmost importance to us thank you very much in advance

Steve