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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] JBB more questions Posted by AmandaG on August 18, 2003 at 12:50 AM Hello Ward and the other wonderful people here! I've been reading this board for a few months now, trying to learn as much as I can about foreclosures. I finally have a couple of questions on JBB's. I'm in CA. 1. Is it unwise to approach the 2nd note holder when the 1st is foreclosing and the trustee sale is already scheduled (approx 2 weeks away)? (This is assuming the property has a lot of equity). If so, why? 2. Will the 2nd willingly tell me how much is owed on their loan before I make an offer? 3. Will the 2nd tell me how much is owed on the first if I plan to reinstate it? (Is reinstating this late in the game out of the question?) 4. Is it crucial to do this as an LLC or title-holding trust or can I do the deal with my own name? 5. Ward, you mentioned a few forms required to do a JBB: a. Assignment of Note b. Assignment of Deed of Trust c. Beneficiary's Statement of Account d. Notice of assignment of Deed of trust Can you tell me where I would find these forms, or are they provided by the seller of the note? 6. You mentioned other ancilliary forms you use: a. Affadavit of Lost Document b. Loan Sale Agreement When are these typically required? 7. Are there any legal snaffoos I need to be concerned about with respect to buying or selling these notes? I.E., do I need to have a broker's liscence to resell them? (It's not my initial plan, but I'd like to be prepared.) 8. Thank you so much for your wonderful site! Amanda Follow Ups: Re: JBB more questions AmandaG 6:44 PM, 08/18/03 (0) JBB more questions Ward-CA- 3:13 PM, 08/18/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hello Ward and the other wonderful people here! : I've been reading this board for a few months now, trying to learn as much as I can about foreclosures. : I finally have a couple of questions on JBB's. I'm in CA. : 1. Is it unwise to approach the 2nd note holder when the 1st is foreclosing and the trustee sale is already scheduled (approx 2 weeks away)? (This is assuming the property has a lot of equity). If so, why? : 2. Will the 2nd willingly tell me how much is owed on their loan before I make an offer? : 3. Will the 2nd tell me how much is owed on the first if I plan to reinstate it? (Is reinstating this late in the game out of the question?) : 4. Is it crucial to do this as an LLC or title-holding trust or can I do the deal with my own name? : 5. Ward, you mentioned a few forms required to do a JBB: : a. Assignment of Note : b. Assignment of Deed of Trust : c. Beneficiary's Statement of Account : d. Notice of assignment of Deed of trust : Can you tell me where I would find these forms, or are they provided by the seller of the note? : 6. You mentioned other ancilliary forms you use: : a. Affadavit of Lost Document : b. Loan Sale Agreement : When are these typically required? : 7. Are there any legal snaffoos I need to be concerned about with respect to buying or selling these notes? I.E., do I need to have a broker's liscence to resell them? (It's not my initial plan, but I'd like to be prepared.) : 8. Thank you so much for your wonderful site! : Amanda 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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