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Taking possession only makes sense if you can sell for enough to pay the first or rent Nike Roshe Style Women

I appreciate your input on the obvious that this isn't a good deal. In fact, I thought I made it pretty blatantly obvious it's a very dangerous/risky note in of itself based on yhe scenario I laid out. The question as stated before is what actions could you take on a note such as this, since there are gurus out there who state that you can make money on a note such as this scenario?

´╗┐How would you make money in this scenario for a non

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Let me attempt to answer my own question based on the knowledge I know, and if a more experienced note investor feels my information is incorrect please chime in.

This is one reason I like first position notes, figure the value of the collateral vs. the costs of the Note + FC + holding costand you know your worst case scenario. If you get the buyer to re perform then great. I know lot of people like seconds and are good at them, I just haven't reached that point yet.

costs of going this route.

Obviously the big challenge would be the inability to provide an exit strategy with the borrower

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Decide if you want to proceed all the way to the foreclosure sale and take the property subject to the senior (i'm assuming nobody bids the opening bid which the 2nd would control). At that point. rent? or is the strategy to do negotiate a short sale?

A second, dirtbag strategy, would be to get the buyer to do a DIL and then rent the house for cash flow while NOT paying any of the taxes or first lien payments. Basically try and make it back on the rent before the first does a FC or it goes to Roshe Run Girl Black

Chapter 7 would slow things down but is not the end of the world. The biggest things in this scenario is that the borrow is not current on the first so they very likely have little or no intention of staying in the property AND they are massively upside down so there is no reason to expect anything to come your way in a FC.

Actions to take/Exit Strategies 1: It does not remove the debt from the property; only the borrowers liability for the debtand the only action you can take is proceed with foreclosure process after the BK is discharged. Let's assume the property sold at about $80k on the foreclosure auction. Obviously at this point since the property's value did not compensate paying off the first, any taxes and your 2nd. Now as mention above, the State this foreclosed in is NY, so as a secured lien holder this state DOES allow you to do a deficiency judgement against the borrower for the amount owed on the property. In essence, you are suing the homeowner. Can't squeeze blood from a stone as they always say. So you may not only lose your capital, but the additional attorney Nike Roshe Run Women Aztec

I don't think I have seen a guru try and tell anyone that there is a profit in a deal this bad.

Both strategies would require getting the home removed from the BK process. I'm encountering these notes pretty often and as a reasonably new investor, this confirms some of my assumptions, but would love to learn about what other people are seeing on these assets.

Nike Roshe Run Speckle

Nike Roshe Run Speckle

Nike Roshe Run Speckle

Nike Roshe Run Speckle

tax sale.

One way I could see of potentiallymaking money on this would be to FC from second position and then, by some miracle, rent the house for enough to cover the first. Of course for that to work and not have the first FC you would have to bring the first and the taxes current and continue topay the first.

Actions to take/Exit Strategies 2: Proceed with the same procedure as above. I am assuming a Deed in Lieu or a Short Sale will not allow you to profit due to the lack of equity (Correct me if I'm wrong).

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Initiate foreclosure from 2nd (do you have to bring the Senior current? If so, when can you recoup this money?)

Outcome 1 :Since the borrower is no longer liable for the debt on the property a work out package with the borrower is not going to happen, and it looks pretty gloom.

Contact homeowner (let's say no return call)

B) Outcomes based on the borrowers wanting to keep the property. Again this the outcomes I am perceiving based on my limit knowledge and expertise.

Ideally you want to buy 2nd liens with a preforming first lien. This person is getting rid of all there debt and that will leave you in a bad position. This type of lien should be purchased as apart of a pool of 2nd liennotes. This way if this one didn't work out you could have other liens that might be profitable.

A) Borrower is not going to pay and is planning to sell/let the property go

A) The borrower's motivation is to sell the property/let it go and

for enough to cover the mortgage and recover your investment + profit from theCash Flow.

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I would look for situations where the borrower is current on the first.

I'll break this down into Two Scenarios:

Leo, good point on the opening bid, it is always possible that someone might make an offer that would net you a profit. Only downside Nike Roshe Run Speckle is you would be profiting from someones ignorance.

Hope the borrower comes out to talk

Nike Roshe Run Speckle

Nike Roshe Run Speckle

I am also going to assume you can contact the BKAttorney and he is somewhat flexible or willing to work with you.

Also, what if it wasn't in bankruptcy? Would this change anything?I'm assuming you would:

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