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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Almost there... Posted by Ward-CA- on September 06, 2001 at 9:57 PM In Reply to: digesting and confirming data posted by Alfred B. on September 06, 2001 at 6:12 PM : Ward, : Ok, let's see if Alfred has got this straight now. : When going through the foreclosure list for JBB prospects... We take a potential one and calculate the remaining balance of the 1st (using the interest rate sheets, add 1/2 point only if it's on the FHA/VA page) and the remaining balance of the 2nd (using the interest rate sheet and adding 4% conventional, and 4 1/2% if it's FHA/VA ). Then we total the remaining balance. Then using CMDC and internet comp sites we figure out the FMV and subtract the total remaining balance from it to get an idea of equity. : Then we go to the recorder and do our title research and get the full story. If all looks well, we contact the bene, get the exact data we need, finalize our analysis and calculate our offer and then make them a formal offer. : If there is equity... you don't reinstate until you get an NTS on the 1st. : If there is no equity... you reinstate immediately so as to minimize your expense to cure the 1st (not making any further payments to the 1st) thus buying yourself the time to do your foreclosure and get out of there before the 1st begins another foreclosure procedure. : Am I getting this through my thick noggin now? : Thanx, Alfred =•=•=•=•=•=•=•=•=•=•=•= (..and get out of there before the 1st begins another foreclosure procedure.) I really don’t care if the 1st starts another foreclosure a month or two after I have originally reinstated them, since my foreclosure will be well ahead of theirs and go to sale before theirs has a chance to go to auction. See ya. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : Ok, let's see if Alfred has got this straight now. : : When going through the foreclosure list for JBB prospects... We take a potential one and calculate the remaining balance of the 1st (using the interest rate sheets, add 1/2 point only if it's on the FHA/VA page) and the remaining balance of the 2nd (using the interest rate sheet and adding 4% conventional, and 4 1/2% if it's FHA/VA ). Then we total the remaining balance. Then using CMDC and internet comp sites we figure out the FMV and subtract the total remaining balance from it to get an idea of equity. : : Then we go to the recorder and do our title research and get the full story. If all looks well, we contact the bene, get the exact data we need, finalize our analysis and calculate our offer and then make them a formal offer. : : If there is equity... you don't reinstate until you get an NTS on the 1st. : : If there is no equity... you reinstate immediately so as to minimize your expense to cure the 1st (not making any further payments to the 1st) thus buying yourself the time to do your foreclosure and get out of there before the 1st begins another foreclosure procedure. : : Am I getting this through my thick noggin now? : : Thanx, Alfred : =•=•=•=•=•=•=•=•=•=•=•= : (..and get out of there before the 1st begins another foreclosure procedure.) : I really don’t care if the 1st starts another foreclosure a month or two after I have originally reinstated them, since my foreclosure will be well ahead of theirs and go to sale before theirs has a chance to go to auction. : : See ya. 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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