InnoVest's Foreclosure Forum
Ward takes the stairs.

InnoVest Resource Management's

Foreclosure Forum

Home

Discussion Board

"Hands-On" Training

Title Holding Trust

Annual Reunion

Speaking Schedule

Store

Foreclosure Fundamentals

Code References

Recent Legislation

50 State Foreclosure Basics

Foreclosure Glossary

Foreclosure Statistics

75+ Yrs Interest Rates

Fillable Forms

Archived Articles

Dingbat Retirement Plan

Links

Booklist

Contact / Map | Priceline Tips

About Us

Home

 

Innovest Resource Management BBB Business Review

Balloons and RSVP's...

December 09, 2011 01:36PM
You make no mention as to whether you have properly noticed your borrower. I believe you must send them your Notice of Balloon payment due no less than 90 days and no more than 150 days prior to calling the balance due and starting foreclosure on that breach. If it's owner occ., I'd get the 1137 notice out at least 30 days prior to beginnning your foreclosure, too. I believe regular mail will surfice but I'd shoot them several copies. Yu could send one by Priority Mail/Delivery Confirmation, if you'd like to make more of a splash with the borrower.

That being said, if you can get your NOD started prior to a BK, if they do file after recording, your timeline will not necessarily be interrupted, while you petition for your Relief of Stay, presuming you successfully get it within a reasonable time.

Also, you don't discuss the equity securing your 2nd so, Hopefully, you aren't concerned about "lien stripping" by some BK judge.

Lastly, borrower will likely assert that, because you continued to accept payments beyond the balloon date, you are not entitled to call the loan. This is malarkey, of course, however you may well encounter this argument. In any event, you ought to consider all scenarios and if there might be a good reason to keep the loan going (if your equity is questionable). There is a certain point at which the equity isn't there and the loan becomes a "Lonnie (Scruggs) Deal." I've got one or two of those myself.

RicktheProbateGuy.com | Closeprobate.com
Subject Author Views Posted

Starting a Foreclosure Pre/Post Bankruptcy?

Scott-CA 3764 December 09, 2011 12:46PM

Balloons and RSVP's...

Rick Harmon 2577 December 09, 2011 01:36PM

Re: Starting a Foreclosure Pre/Post Bankruptcy?

socalrealestate 2484 January 06, 2012 03:29PM



Sorry, only registered users may post in this forum.

Click here to login

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2024, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455