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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Complex introduction to the business Posted by Gary on August 01, 2003 at 9:04 PM In Reply to: Complex introduction to the business posted by Gary Pascua on August 01, 2003 at 2:39 PM : Ward: : First of all, I attended my first seminar up in HB and enjoyed it. Like you, I had to come up from San Diego, but it was certainly worth it. : Anyway, I am very new to the foreclosure business and went door knocking for the first time the other day. Fortunately, I was allowed in to a home and spoke with the owner. There's a first of 400K (defaulted 16K) and a second of 100K. FMV is around 850-900K. It seemed like a no brainer. She was very willing to hear what could be done to stay in the house and willing to share some of the profit. Unfortunately, she pointed out a third lien (judgement)for $1.5 million (900K principle, the rest interest) against the property that she had no idea existed and never showed up on the CRR data/research. I don't know when CRR does their research on a property, but the lien was supposedly recorded in April, her NOD was dated July 8. It's an ugly divorce situation where she thinks her husband and father in law had it somehow placed against the home, because supposedly the only document she signed was a promissary note, not a deed of trust. Her soon to be X has co-ownership of the home. She really thinks her husband is willing to take 50-100K to sign the home completely over to her and perhaps drop the huge lien. : Is this anything I should pursue (carefully of course with advice from someone with experience) or drop it altogether? She says she cannot afford a lawyer but would take any advice she can get before appoaching one with an idea in mind. : Also, as a side question. If an owner signs their home over to me, it goes through escrow and I take ownership, is it legal to sell the home back to them if they really want to live there, with of course, keeping in mind I would sell it for a profit? : Anyway, sorry for the long message. Thanks. : Gary Gary: This is a quick lesson that you will need to have the title searched before you record the deed. County Records Research and other foreclosure services do not print involuntary liens. That is, all you see are voluntary liens that the seller had signed (e.g. deeds of trust). So what won't appear are judgment liens, mechanic liens, etc.. So you need to do additional due diligence with respect to the title. You can have a title insurance company pull a preliminary title report for you or you can learn to do your own title search at the county recorder. Ward is the best at teaching this and I highly recommend it. For me, it's an essential skill. Gary Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward: : : First of all, I attended my first seminar up in HB and enjoyed it. Like you, I had to come up from San Diego, but it was certainly worth it. : : Anyway, I am very new to the foreclosure business and went door knocking for the first time the other day. Fortunately, I was allowed in to a home and spoke with the owner. There's a first of 400K (defaulted 16K) and a second of 100K. FMV is around 850-900K. It seemed like a no brainer. She was very willing to hear what could be done to stay in the house and willing to share some of the profit. Unfortunately, she pointed out a third lien (judgement)for $1.5 million (900K principle, the rest interest) against the property that she had no idea existed and never showed up on the CRR data/research. I don't know when CRR does their research on a property, but the lien was supposedly recorded in April, her NOD was dated July 8. It's an ugly divorce situation where she thinks her husband and father in law had it somehow placed against the home, because supposedly the only document she signed was a promissary note, not a deed of trust. Her soon to be X has co-ownership of the home. She really thinks her husband is willing to take 50-100K to sign the home completely over to her and perhaps drop the huge lien. : : Is this anything I should pursue (carefully of course with advice from someone with experience) or drop it altogether? She says she cannot afford a lawyer but would take any advice she can get before appoaching one with an idea in mind. : : Also, as a side question. If an owner signs their home over to me, it goes through escrow and I take ownership, is it legal to sell the home back to them if they really want to live there, with of course, keeping in mind I would sell it for a profit? : : Anyway, sorry for the long message. Thanks. : : Gary : Gary: : This is a quick lesson that you will need to have the title searched before you record the deed. County Records Research and other foreclosure services do not print involuntary liens. That is, all you see are voluntary liens that the seller had signed (e.g. deeds of trust). So what won't appear are judgment liens, mechanic liens, etc.. So you need to do additional due diligence with respect to the title. You can have a title insurance company pull a preliminary title report for you or you can learn to do your own title search at the county recorder. Ward is the best at teaching this and I highly recommend it. For me, it's an essential skill. : Gary 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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