George Stevenson
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Find out how likely the seller is to go into default if they aren’t able to sell the property. Then try to negotiate a discount on the 2nd mortgage and take it out. That should reduce the monthly payments by 300-400 dollars per month depending upon the size of the 2nd mortgage. If the seller tells the lender that they are headed to default, then the lender might consider taking a discount. The seller would probably have to miss a payment or two. They would need to go into default on the 1st before the 2nd so that it would be the 1st mortgage lender taking it to foreclosure first.
I like your idea of structuring a loan as seller financing so the seller gets a non-recourse note and a deed of trust with the note saying that the payments that match and mirror the underlying loan.
Help me understand the mechanics. The existing loan with the seller’s name on it stays as is. How do you ensure that the seller is going to make the payments on the underlying mortgage? Are you making the payments directly?
Give me a few more details.
I used Maralogix for locating owners of vacant properties. They provided new addresses and sometimes phone numbers, and most of the reports had 1st and 2nd degree relatives and associates.
I never used them for 30-60-90 day lates, so I don’t know if they did that or not.
They used to be known Metro Globe and then in 2004 were known as ActionQuest. Now they are known as “Out of Business”
George Stevenson – Raleigh, NC
I’ve been a student of Jack Miller for about 10 years or so. I first heard of him thru John Schaub. In Schaub’s course, he is always telling Jack Miller stories that are very entertaiing and informative. Someone in a Schaub class said I simply must take a course from Jack Miller, so I did. And have continued to consume seminars by Jack, usually a couple of times a year. Planning to take the Options class again for the third time in October. Jack’s seminars are as valuable for the other investors you meet, they are usually all experienced and have much to share with each other. I think this Forum will be a key place to ask questions and get good answers.
