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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: SALE PROPERTIES GOING BACK TO BENE'S??? Posted by ellis on September 26, 2006 at 12:54 AM In Reply to: Re: SALE PROPERTIES GOING BACK TO BENE'S??? posted by Jerry - Ca. on September 22, 2006 at 2:44 PM : : While the default owners have no equity ... there's plenty of deals when you wipe out : : the Junior loans ... as long as the "idiots" don't over bid at the auctions! : : I disagree that the wiping out of the second always leaves plenty of equity. Almost all of my current and past short sales required both the 2nd and the 1st to take a beating. : : If that were the case - wouldn't this be the time for Junior Bene Buyouts? Why pay cash at the auction - when you can buy out the second for a few thousand, bring the 1st current and then foreclose as the second lien holder? : +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ : Hello to "The Short Sale Realtor": : You're absolutely 100% correct that now is the time and also the forseeable future to do : Junior Bene. buyouts!!! : I was responding to an inquiry about the Trustee Sales, not other timely ways to make money! : Regarding Junior Bene. loan wipeouts ... The lowest example I gave was in high $70K's ... : about 10-20% of the fair market value of the properties today. An institutional lender : made the loans based on 100% of value ... (most were lent) in 2005! While I grant you property : values have dropped here in San Diego in the last year ... the value drop in nowhere near that : amount. : I guess what is a good deal or not a good deal is in the eye of the beholder! : Jerry Here is a post from Ward regarding the timing of the Jr Bene Buyout strategy. http://www.foreclosureforum.com/mb/messages/17625.html Follow Ups: Re: SALE PROPERTIES GOING BACK TO BENE'S??? Jerry - Ca. 2:08 PM, 09/27/06 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : While the default owners have no equity ... there's plenty of deals when you wipe out : : : the Junior loans ... as long as the "idiots" don't over bid at the auctions! : : : I disagree that the wiping out of the second always leaves plenty of equity. Almost all of my current and past short sales required both the 2nd and the 1st to take a beating. : : : If that were the case - wouldn't this be the time for Junior Bene Buyouts? Why pay cash at the auction - when you can buy out the second for a few thousand, bring the 1st current and then foreclose as the second lien holder? : : +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ : : Hello to "The Short Sale Realtor": : : You're absolutely 100% correct that now is the time and also the forseeable future to do : : Junior Bene. buyouts!!! : : I was responding to an inquiry about the Trustee Sales, not other timely ways to make money! : : Regarding Junior Bene. loan wipeouts ... The lowest example I gave was in high $70K's ... : : about 10-20% of the fair market value of the properties today. An institutional lender : : made the loans based on 100% of value ... (most were lent) in 2005! While I grant you property : : values have dropped here in San Diego in the last year ... the value drop in nowhere near that : : amount. : : I guess what is a good deal or not a good deal is in the eye of the beholder! : : Jerry : Here is a post from Ward regarding the timing of the Jr Bene Buyout strategy. http://www.foreclosureforum.com/mb/messages/17625.html Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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