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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] 2nd Step Posted by Ward-CA- on July 29, 2003 at 10:40 AM In Reply to: 1st Step posted by Ward-CA- on July 28, 2003 at 7:11 PM : Danny, : Figure out the net equity in the property is by filling out the Projected Net Equity Worksheet (see link below). Then get back to us with what that figure is, OK?? Do this first because I want you to know more precisely what the real net equity amounts to before we proceed further. =•=•=•=•=•=•=•=•=•=•= Danny, With your projected net equity figure of $122.418—just split it in half. That gives the homeowners $61,210 and you get the balance. Now, from your post, I didn’t see where you indicated the couple are in foreclosure yet. If they aren’t, you don’t need to use the Equity Purchase Agreement. I have a plain, two page Purchase Agreement that I will fax to you if you just need something to write up an offer to purchase on (if you don’t have to use an EPA). What I’d agree to is an equity buyout totaling $61,210 dollars. I’d split it in half with $30,605 going to the husband and the same to the wife. I’d give each of them $5,000 in cash now (upon signing the deed and moving our) and the balance of $25,605 each in the form of a straight note and deed of trust secured by the property, @ 7% interest, all due upon the occurrence of either of the three following events, whichever occurs first: 1. The refinance of the property; or 2. The resale of the property; or 3. Within 18 months of recording the trust deeds. Record the two trust deeds at the exact time, one right after the other. On the face of each of them, in the legal description block, type the following: “This is one of two trust deeds being recorded concurrently and neither has priority over the other”. Use and escrow and get title insurance. You should pay for all costs since they’ve already been deducted via the Projected Net Equity Worksheet. Make sure you have a “Long Lost Contact” phone number for each so you can contact them when you’re reselling. Escrow will want to pay them off and get their Straight Notes to do so. Make sure you emphasize that your deal will stop their slide into foreclosure NOW, which will be extremely negative on their respective credit records. Hope this helps. Follow Ups: Re: 2nd Step RegW 10:01 AM, 07/30/03 (1) The $122,418 was a given... Ward-CA- 8:02 PM, 07/30/03 (0) Re: 2nd Step Danny 12:45 AM, 07/29/03 (1) One step back.. Ward-CA- 1:28 AM, 07/30/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Danny, : : Figure out the net equity in the property is by filling out the Projected Net Equity Worksheet (see link below). Then get back to us with what that figure is, OK?? Do this first because I want you to know more precisely what the real net equity amounts to before we proceed further. : =•=•=•=•=•=•=•=•=•=•= : Danny, : With your projected net equity figure of $122.418—just split it in half. That gives the homeowners $61,210 and you get the balance. : Now, from your post, I didn’t see where you indicated the couple are in foreclosure yet. If they aren’t, you don’t need to use the Equity Purchase Agreement. : I have a plain, two page Purchase Agreement that I will fax to you if you just need something to write up an offer to purchase on (if you don’t have to use an EPA). : What I’d agree to is an equity buyout totaling $61,210 dollars. I’d split it in half with $30,605 going to the husband and the same to the wife. I’d give each of them $5,000 in cash now (upon signing the deed and moving our) and the balance of $25,605 each in the form of a straight note and deed of trust secured by the property, @ 7% interest, all due upon the occurrence of either of the three following events, whichever occurs first: : 1. The refinance of the property; or : 2. The resale of the property; or : 3. Within 18 months of recording the trust deeds. : Record the two trust deeds at the exact time, one right after the other. On the face of each of them, in the legal description block, type the following: : “This is one of two trust deeds being recorded concurrently and neither has priority over the other”. : Use and escrow and get title insurance. You should pay for all costs since they’ve already been deducted via the Projected Net Equity Worksheet. : Make sure you have a “Long Lost Contact” phone number for each so you can contact them when you’re reselling. Escrow will want to pay them off and get their Straight Notes to do so. : : Make sure you emphasize that your deal will stop their slide into foreclosure NOW, which will be extremely negative on their respective credit records. : Hope this helps. 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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