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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: we got hit with a BK Posted by travisf on May 17, 2003 at 8:58 PM In Reply to: we got hit with a BK posted by Lughead on May 17, 2003 at 8:49 PM : : : : : Hi Ward, : : : : : After seeing you in HB a couple of months ago and reading your message board, I've become more interested in Junior Bene Buyouts. I have a really simple question that will probably take a more complicated answer. : : : : : How do you make any money? If I buy a junior loan, then bring the foreclosing loan current to stop the foreclosure, do I then start foreclosure proceeding? If so, then again, how do I make any money? Won't I only be getting back the money that I've invested which would be the cost of the junior and whatever I paid to bring the senior current? : : : : : I'm confused. : : : : : Thanks, : : : : : Fred : : : : =============== : : : : Fred, : : : : You buy the junior note for a lot less than what the property owner owes on it. Then when he resells or refinances the property your note will be paid off for the full amount the property owner owes on it. : : : : : : Hi Ward, : : : Thanks for answering my questions. As to the above, am I correct in assuming that you want to buy the junior at a price that would also cover the cost of clearing the Senior along with your profit? : : : : is JBB more of a long term investment? it seems to me that if they file bk, you can be stuck holding the note for many years : that happened to us - we re-instated the 1st and the Trustor filed BK - since we have had to advance about another 3,000 for a BK attorney - with no confirmed plan yet and not relief from stay : you are right - it can turn into a long term deal - according to ward - usually not - but can happen I am just a beginer in this business, and have been attending trustee sales for the last few weeks in Orange County, and the reason I am asking is that it seems 90% or better of all sales are postponed due to BK. Travis Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : : : : Hi Ward, : : : : : : After seeing you in HB a couple of months ago and reading your message board, I've become more interested in Junior Bene Buyouts. I have a really simple question that will probably take a more complicated answer. : : : : : : How do you make any money? If I buy a junior loan, then bring the foreclosing loan current to stop the foreclosure, do I then start foreclosure proceeding? If so, then again, how do I make any money? Won't I only be getting back the money that I've invested which would be the cost of the junior and whatever I paid to bring the senior current? : : : : : : I'm confused. : : : : : : Thanks, : : : : : : Fred : : : : : =============== : : : : : Fred, : : : : : You buy the junior note for a lot less than what the property owner owes on it. Then when he resells or refinances the property your note will be paid off for the full amount the property owner owes on it. : : : : : : : : Hi Ward, : : : : Thanks for answering my questions. As to the above, am I correct in assuming that you want to buy the junior at a price that would also cover the cost of clearing the Senior along with your profit? : : : : : : is JBB more of a long term investment? it seems to me that if they file bk, you can be stuck holding the note for many years : : that happened to us - we re-instated the 1st and the Trustor filed BK - since we have had to advance about another 3,000 for a BK attorney - with no confirmed plan yet and not relief from stay : : you are right - it can turn into a long term deal - according to ward - usually not - but can happen : I am just a beginer in this business, and have been attending trustee sales for the last few weeks in Orange County, and the reason I am asking is that it seems 90% or better of all sales are postponed due to BK. : : Travis 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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