All Forum Posts by: Wayne Brooks

 Nope, the new owner has no recourse. The previously sold tax certificate that led to the auction, along with the tax deed auction filing serve as public notice. 

It's not FHA either, it's conventional.

@Carolyn Kreeger Yes, it doesn’t matter how many loans or properties you have as ling as you don’t already have an fha loan. 

@Tim Herrick As others have mentioned, the divorce judgment is inferior to the first mtg and Should have been wiped out If the wife as the judgment holder was named as an additional defendant in the action. 

@Jason Reider To be clear….I believe the second loan you’re at will be “80% of the value, less the current mtg balance” as opposed to “80% of the $157k equity”.

@Scott Walker 1-2% depending on amount. 

@Alex Todd

For the first question…I think you are on right track. 
For the second, the replacement purchase price must equal or exceed the sale price of the sold property, less actual selling costs  

@Dave Foster can give specifics  

@Alejandro Lozano

1) most owner finance deals carry a higher rate than current market rates

2) very few sellers would be foolish enough to accept a zero down payment

You’re assuming you’ll be able to sell this owner financed contract to some random person, unknown to the seller.

If they lend you the money, you simply sign a Mortgage Document which gets notarized and recorded in the county records, in addition to a  Promissory Note.

Whether you can legally put a mobile home on the empty lot or get a heloc afterwards are different questions. 

@Jesse Dickens This sounds like one of those “programs” where they just apply to different vendors (Home Depot, staples, etc), not actual cash lines of credit….and they charge you a fee for it (maybe 10%) for these trade accounts that obviously you could have gotten yourself.