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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Foreclosing 1st being sued.... Posted by Z.H. - Nor Cal on May 06, 2009 at 2:42 PM In Reply to: Foreclosing 1st being sued.... posted by Z.H. - Nor. Cal on May 06, 2009 at 11:27 AM JK, may be I should have explained myself better. Normally I would not pay face value for a note that isinvolved in litigation. But with this one, the note amount is a very low LTV based on current value. Note amount is 250k, needs 100k, worth over 900k on a very fast fire sale once work is done. Over 100% ROI if I paid cash for it. I usually use a HM lender to pull cash out once bought at sale so the ROI would be based on about 175k out of pocket looking at around 490k in net profit after agents commissions for basically 175k out of pocket. not a bad deal. the 120 days comes from knowing my market, i can have it done fixed, sold and closed in 120 days with a 900k resales price... so ROI is actually far higher than 100%, was just stating its a good deal if a deal can be made. So, there is the explanantion. Nothing has been recorded regarding the litigation no les pendens etc). Cant find record of any civil suit filed either, so its possible that the borrower/owner hasnt filed suit yet or may not, I said there was a lawsuit becuase that is what I was told by a mutual friend of lender and I So, lets set aside the reasons why I want to proceed, if I were to what do you think the best option is? Follow Ups: Re: Foreclosing 1st being sued.... Z.H. - Nor Cal 2:47 PM, 05/06/09 (6) Re: Foreclosing 1st being sued.... JK (the other JK) 3:16 PM, 05/06/09 (5) Re: Foreclosing 1st being sued.... Z.H. - Nor Cal 3:27 PM, 05/06/09 (4) Re: Foreclosing 1st being sued.... Spencer 3:47 PM, 05/06/09 (1) Re: Foreclosing 1st being sued.... jc 5:36 AM, 05/08/09 (0) Re: Foreclosing 1st being sued.... Z.H. - Nor Cal 3:47 PM, 05/06/09 (1) Now we are seeing eye to eye. Yes cut a deal with the owner (nt) JK (the other JK) 4:11 PM, 05/06/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : JK, may be I should have explained myself better. Normally I would not pay face value for a note that isinvolved in litigation. : But with this one, the note amount is a very low LTV based on current value. : Note amount is 250k, needs 100k, worth over 900k on a very fast fire sale once work is done. : Over 100% ROI if I paid cash for it. I usually use a HM lender to pull cash out once bought at sale so the ROI would be based on about 175k out of pocket : looking at around 490k in net profit after agents commissions for basically 175k out of pocket. not a bad deal. : the 120 days comes from knowing my market, i can have it done fixed, sold and closed in 120 days with a 900k resales price... : so ROI is actually far higher than 100%, was just stating its a good deal if a deal can be made. : So, there is the explanantion. Nothing has been recorded regarding the litigation no les pendens etc). Cant find record of any civil suit filed either, : so its possible that the borrower/owner hasnt filed suit yet or may not, I said there was a lawsuit becuase that is what I was told by a mutual friend of lender and I : So, lets set aside the reasons why I want to proceed, if I were to what do you think the best option is? [ 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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