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Topics…
Asset of the week
Cleveland, OH
Questions for the Experts
1. I found this judgment on the O & E report of a NP note I just bought from
Granite (actually my first note). It did not state the judgment as a
second lien, but as a possible involuntary lien.
The judgment states my borrowers (the Meadows) as the defendants in the
case. They were ordered to pay rent on the property from Jan 2013 through
the judgment on Feb 2014 for the premises being “unlawfully detained.”
The plaintiff is the Federal National Mortgage Association.
I see no signs of foreclosure paperwork or activity. Would this possibly
be secondary to the borrowers charging rent to tenants while the borrowers
were delinquent on the note?
Will this judgment follow the borrowers? Or is it something I will need
to have cleaned off my title? I have no other second liens on the
property. (Jason Rawlings)
2.
After doing my preliminary due diligence on the last offering, like you showed us in class, I kind of get bogged down in the details.
There is so much to go through in the drop boxes that I think I confuse myself or am just a rookie and think I am going to miss something important.
I am interested in this Property in Detroit.
There is a BK involved.
I checked the past due taxes and they are delinquent $1669.78 according to the county website.
a. Some questions I have is I think they moved out already based on some of the drop box info I read.
b. Should I get another BPO to go look at the property and get a condition report.
c. Should I verify that it is really vacant. What should I be concerned about with the BK.
d. Do I do a prelim title search.
e. Should I do any/all of these things prior to even bidding or only after.
f. What questions am I missing just because I don’t know to ask
I am probably way over analyzing, but……
That is why I asked you. (Joe Lacount) – Homefacts.com
3. What is the protocol for dealing with the servicer and attorney when dealing with issues regarding the borrower?
I am dealing with a borrower on this note that has filed BK.
I have been going through the servicer for over a month now regarding the note’s chain of assignments, and after 5 weeks, the servicer now wants me to deal directly with the attorney.
It seems to me I should have done this from the beginning, but is there a point when I should change the servicing to the basic and work on with the attorney myself ?
Roman Tarnawsky
Update on Appreciation event and TradeExpo
Hotel Block Closed
$8.00 day parking for NoteSchool Attendees