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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] JBB more questions Posted by Ward-CA- on August 18, 2003 at 3:13 PM In Reply to: 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 =?=?=?=?=?=?=?=?=?=?= Amanda, #1. No, you?d have the green light to go ahead in this scenario. #2. Yes, if you?ve got them convinced to sell their note to you they?ll give you the particulars involved with it. #3 .Yes, the junior noteholder will tell you what the blance of the senior is and no you can?t typify the best time to reinstate. #4. A lot of us find it easier to deal with institutional bene?s if they think we?re an institutional type too. #5..You the buyer of the note are expected to provide your own forms. I provide my JBB trainees with all the forms involved. #6. You won?t need these forms too often. #.7. No license required when dealing on your own account. Hope this helps. Follow Ups: 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 : =?=?=?=?=?=?=?=?=?=?= : Amanda, : #1. No, you?d have the green light to go ahead in this scenario. : #2. Yes, if you?ve got them convinced to sell their note to you they?ll give you the particulars involved with it. : #3 .Yes, the junior noteholder will tell you what the blance of the senior is and no you can?t typify the best time to reinstate. : #4. A lot of us find it easier to deal with institutional bene?s if they think we?re an institutional type too. : #5..You the buyer of the note are expected to provide your own forms. I provide my JBB trainees with all the forms involved. : #6. You won?t need these forms too often. : #.7. No license required when dealing on your own account. : : 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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