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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] JBB questions.. Posted by Ward-CA- on September 22, 2003 at 8:40 AM In Reply to: JBB...too many questions...weak...must take class posted by Amanda G on September 20, 2003 at 2:34 PM : Hi Ward and everyone out there! : So I'm looking through JBB leads, offering low on private individuals' notes, people balking, no problem, I can keep asking. : Then I says to myself, "Self, let's try to go to the institutional lenders." Formed an LLC, called up a couple banks, not hearing back. No problem, I can call again. : Then, I'm looking at a few lenders' websites to try to find some specific contact numbers to loss mitigation, and I see this horrible web page--"Rip-off report!" I scan through and there are tons of complaints on the likes of Fairbanks/WMC, Washington Mutual, blah blah, trying to con owners out of their homes because of payments they claimed not to have received. : Now I figure, a bunch of people are gonna complain because there's nothing else they can do when they're gonna lose their homes. But, the thing I'm concerned about, is if I purchase one of these lender's accounts (2nd td), is my company now liable for the homeowners complaints? If there is faulty accounting within those previous accounts, is it my proverbial backside on the line? : Bigger question: Does the JBB class you offer, Ward, give us, the hapless moneymaker, ways to safeguard against these possible scenarios? : 2: I'm also curious: do you teach about handling these large accounts: taxes owed, escrow/transfer funds, etc? : 3. do you teach about acquiring various insurances? : 4. As a purchaser of an institutional second with a clause for some kind of adjustable payment plan that I have no idea about, would I understand all that stuff and nonsense after your class? : (Assumes --1. I am in Ca. 2. I have powers of retention. 3. My questions are coherent) : 5. How long does it take to schedule a day with Ward on JBB's? =?=?=?=?=?=?=?=?=?=?= Amanda, If there's a dispute between you and a homeowner over the amount owing on a 2nd lien that you bought from the lender then I'd require the homeowner to fax you some proof that their figures are correct. If that was the case I'd present it to the lender as ask them to reconcile the borrower's claim with what the lender indicated was owing when you bought their note. In any event you're not liable to a homeowner for complaints they have against their loan originator. Answer to bigger question: I don't know of any device that would shield you from getting embroiled in a lender/borrower dispute that you unwittingly bought your way into, other than to unequivocally refuse to pay for someone else's mistake. 2. Buying a 2nd doesn't involve dealing with property taxes, etc. Those amounts are usually the business of the impound account managed by the 1st trust deed holder. 3. To get included as a payee on the existing title insurance coverage you need to see the title company involved. Inclusion in the fire insurance/liability policy should be arranged between you and the loan originator at the time you buy the note. 4. Yes. It's just a matter of understanding the terms of the promissory note you'd be buying. 5. Almost instantaneously, once we're communicating by phone. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward and everyone out there! : : So I'm looking through JBB leads, offering low on private individuals' notes, people balking, no problem, I can keep asking. : : Then I says to myself, "Self, let's try to go to the institutional lenders." Formed an LLC, called up a couple banks, not hearing back. No problem, I can call again. : : Then, I'm looking at a few lenders' websites to try to find some specific contact numbers to loss mitigation, and I see this horrible web page--"Rip-off report!" I scan through and there are tons of complaints on the likes of Fairbanks/WMC, Washington Mutual, blah blah, trying to con owners out of their homes because of payments they claimed not to have received. : : Now I figure, a bunch of people are gonna complain because there's nothing else they can do when they're gonna lose their homes. But, the thing I'm concerned about, is if I purchase one of these lender's accounts (2nd td), is my company now liable for the homeowners complaints? If there is faulty accounting within those previous accounts, is it my proverbial backside on the line? : : Bigger question: Does the JBB class you offer, Ward, give us, the hapless moneymaker, ways to safeguard against these possible scenarios? : : 2: I'm also curious: do you teach about handling these large accounts: taxes owed, escrow/transfer funds, etc? : : 3. do you teach about acquiring various insurances? : : 4. As a purchaser of an institutional second with a clause for some kind of adjustable payment plan that I have no idea about, would I understand all that stuff and nonsense after your class? : : (Assumes --1. I am in Ca. 2. I have powers of retention. 3. My questions are coherent) : : 5. How long does it take to schedule a day with Ward on JBB's? : =?=?=?=?=?=?=?=?=?=?= : Amanda, : If there's a dispute between you and a homeowner over the amount owing on a 2nd lien that you bought from the lender then I'd require the homeowner to fax you some proof that their figures are correct. If that was the case I'd present it to the lender as ask them to reconcile the borrower's claim with what the lender indicated was owing when you bought their note. : In any event you're not liable to a homeowner for complaints they have against their loan originator. : Answer to bigger question: I don't know of any device that would shield you from getting embroiled in a lender/borrower dispute that you unwittingly bought your way into, other than to unequivocally refuse to pay for someone else's mistake. : 2. Buying a 2nd doesn't involve dealing with property taxes, etc. Those amounts are usually the business of the impound account managed by the 1st trust deed holder. : 3. To get included as a payee on the existing title insurance coverage you need to see the title company involved. Inclusion in the fire insurance/liability policy should be arranged between you and the loan originator at the time you buy the note. : 4. Yes. It's just a matter of understanding the terms of the promissory note you'd be buying. : 5. Almost instantaneously, once we're communicating by phone. : 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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