All Forum Posts by: Wayne Brooks

@Shane Allman 
Did the Original mortgage document encumber all 4 lots, or only the 2 that were foreclosed on?

I assume only the 2 lots were included in the purchase contract and mls listing legal description?

@Christine Garnier As a start…you can google up your state laws on adverse possession. Typically, you need to pay the taxes, among open use/occupancy and other requirements, for a certain number of years After you have filed the adverse possession documents.

@Christine Garnier As a start…you can google up your state laws on adverse possession. Typically, you need to pay the taxes, among open use/occupancy and other requirements, for a certain number of years Afyer you have filed the adverse possession documents.

@Jennifer H.
1) no

2) buying another residence, or any other property, has No effect. You can’t do a 1031 with a primary residence. This assumes this was his primary the whole time.

3) yes

@Cynthia Carrier Yes you can go fha. But, you’ll have the second “100 mile rule”…where you won’t be able to use the rental income to qualify. Just sit down with an experienced lender.

@Account Closed Just for giggles, does contract state that the property will be delivered with clear title, except for the mortgage being taken sub to and the seller carry back?

@Bikramjit S Grewal
1 no idea

2 Documentary Stamps, 0.7% rate of purchase price, normally paid by seller

3 Mtg recording fee 0.35% of mtg amount, pay by borrower

@Carlos Handler Highly unlikely. And if you find one, it sounds like you’re committing mtg fraud with the first lender, since I assume the reason you want the second to be silent is because you are bidding this from the first lender. Also, the first lender needs to see Where the down payment is coming from.

@Christopher Leavitt You didn’t do a flip….you simply lent money and got paid back. I don’t think minimum irs imputed interest would apply, but I’d check into it.

@Dave Sofio HUBZU, just like every other REO auctions site, takes their instructions from the bank owning the property.