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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Talk with both the payor and payee of the note. Posted by Ward-CA- on October 01, 2003 at 10:08 PM In Reply to: Foreclosure posted by Barry Gregory on October 01, 2003 at 1:05 PM : Ward: : I have bought a DOT and Note on a Tennessee property. The sellar of the note can't find the original. The property sold for $88,000 and the sellar says the note was for $64,000. I and have no idea how much the buyer paid before defaulting or the interest rate. What should the opening bid be and can I bid if there are higher bids than mine. : Thanks Barry -=-=-=-=-=-=-=-=-=-=-=-=-=-=- Barry, Seems like the seller of the note doesn’t know too much. Have you tried to question the payer? He probably has an idea of when he started making payments and when he stopped. He probably knows what the interest rate is and what the late charge is too. If you add what you already know to the answers the payor can provide you’ll be able to figure out the back payments and late charges and add in all the foreclosure expenses. That should give you the opening bid amount. You can bid higher than your opening bid if you qualify, like any other bidder, for any bid you make that’s higher than your opening bid. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward: : : I have bought a DOT and Note on a Tennessee property. The sellar of the note can't find the original. The property sold for $88,000 and the sellar says the note was for $64,000. I and have no idea how much the buyer paid before defaulting or the interest rate. What should the opening bid be and can I bid if there are higher bids than mine. : : Thanks Barry : -=-=-=-=-=-=-=-=-=-=-=-=-=-=- : Barry, : Seems like the seller of the note doesn’t know too much. Have you tried to question the payer? He probably has an idea of when he started making payments and when he stopped. He probably knows what the interest rate is and what the late charge is too. : If you add what you already know to the answers the payor can provide you’ll be able to figure out the back payments and late charges and add in all the foreclosure expenses. That should give you the opening bid amount. : You can bid higher than your opening bid if you qualify, like any other bidder, for any bid you make that’s higher than your opening bid. : 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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