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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: JBB more questions Posted by AmandaG on August 18, 2003 at 6:44 PM In Reply to: JBB more questions posted by AmandaG on August 18, 2003 at 12:50 AM Thank you so much for your time, Ward! Your response was much appreciated. Amanda : 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: Post a Followup: Name : E-Mail : Subject : Comments: : Thank you so much for your time, Ward! : Your response was much appreciated. : Amanda : : 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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