InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Preparations for doing an equity buyout and resale... Posted by Ward-CA- on January 25, 2004 at 8:24 AM In Reply to: Ward, could you answer ?Preforeclosure No eqiuty posted by Rudy Washington on January 24, 2004 at 5:21 PM : Hello, : I live in California and I am interested in geeting the deed to a Pre- foreclosure, taking title and putting a new buyer into house. The Market in Los Angeles California is Red hot,so I could sell in 30 days are less. : My question is : 1. Can I take a down payment from my buyer and create a new loan to wrap, with raising the interest rate. : 2. Does it have to be sub 2 since the market is so hot. : 3.Could I take down payment from the buyer payoff payments in arrears keep rest.And wrap it. : 4. What forms would I take with me to execute this tranaction : 5. Can you mentor Me??????? =================== Rudy, Buying from an owner in default who occupies the property that’s in foreclosure, and you don’t intend to move in and occupy the premises yourself, places the transaction under the dictates of CA Civil Code Section 1695. We’ve made the code easily accessible for you to read. Just click on the Foreclosure Codes link and then click on Section 1695. After you digest §1695 you might peruse our Archived Articles section and read the article dated September, 2002. It contains links to some of the documents you will want to use in order to comply with the code. Your questions seem to indicate that you don’t intend to do any fix-up to the property before you resell it. Generally you’d rehab the premises before resale in order to maximize your profit. Answers to your questions: #1. Using an all-inclusive trust deed and note to “wrap” the owner’s existing financing is a sophisticated maneuver that you will definitely need help with. #2. If you can qualify for new financing you won’t have to take title subject to the existing financing. But getting new financing takes time since the borrower has to be able to qualify and the property is going to have to be appraised. #3. No buyer is going to give you a downpayment without getting title and possession to the property in return. So before that happens you will have to spend money reinstating the delinquent payments, rehabbing the property, and giving the delinquent homeowner part of their equity in cash to facilitate their move out. #4. The forms you need are listed in the September, 2002 article and are available at our Fillable Forms link. #5. You should look at our “Hands-On” Training link for a list of our one-on-one courses available. We provide unlimited mentoring in each subject area once you’ve taken the class. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hello, : : I live in California and I am interested in geeting the deed to a Pre- foreclosure, taking title and putting a new buyer into house. The Market in Los Angeles California is Red hot,so I could sell in 30 days are less. : : My question is : : 1. Can I take a down payment from my buyer and create a new loan to wrap, with raising the interest rate. : : 2. Does it have to be sub 2 since the market is so hot. : : 3.Could I take down payment from the buyer payoff payments in arrears keep rest.And wrap it. : : 4. What forms would I take with me to execute this tranaction : : 5. Can you mentor Me??????? : =================== : Rudy, : Buying from an owner in default who occupies the property that’s in foreclosure, and you don’t intend to move in and occupy the premises yourself, places the transaction under the dictates of CA Civil Code Section 1695. : We’ve made the code easily accessible for you to read. Just click on the Foreclosure Codes link and then click on Section 1695. : After you digest §1695 you might peruse our Archived Articles section and read the article dated September, 2002. It contains links to some of the documents you will want to use in order to comply with the code. : Your questions seem to indicate that you don’t intend to do any fix-up to the property before you resell it. Generally you’d rehab the premises before resale in order to maximize your profit. : Answers to your questions: : #1. Using an all-inclusive trust deed and note to “wrap” the owner’s existing financing is a sophisticated maneuver that you will definitely need help with. : #2. If you can qualify for new financing you won’t have to take title subject to the existing financing. But getting new financing takes time since the borrower has to be able to qualify and the property is going to have to be appraised. : #3. No buyer is going to give you a downpayment without getting title and possession to the property in return. So before that happens you will have to spend money reinstating the delinquent payments, rehabbing the property, and giving the delinquent homeowner part of their equity in cash to facilitate their move out. : #4. The forms you need are listed in the September, 2002 article and are available at our Fillable Forms link. : #5. You should look at our “Hands-On” Training link for a list of our one-on-one courses available. We provide unlimited mentoring in each subject area once you’ve taken the class. : 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2004, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455