Tuesday Session: Dec. 16th 2014 NPN Call

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The following information is intended for Nonperforming students. By clicking the link above you will be taken to protected content. If you do not have the correct membership level you will not be able to view this content. Please contact the administrator if you believe you have received this message in error. Sales: contact Duane.

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Download audio-only version: ( Right Click and Save as)12-16-14 Audio

Download materials: ( Right Click and Save as)12-16 Call Docs

 

 

Call topics…

 

 

Asset of the Week

Loudon, TN

 

 

Questions for the Experts:

 

  1. I have purchased an owner occupied NPN.  I have gone through the FC
    process but have postponed the sale because the owner finally contacted
    my servicer.  They are very anxious to keep the house.  I have several
    questions:

    1) The occupant was willed the house when his mother died.  Since he is
    not on the note, I assume that a new note must be written rather than a
    Is that correct?

    2) The servicer suggested a forbearance agreement to make sure they
    would pay before we started a new or modified note.   The balance on the
    note is $35K with about $13K in arrears + my expenses of $5K.  I paid
    $9.5K for the note. The old note payment was $300. I don’t know if the
    old note even matters since he was not on that note.

    3) I am not sure how to structure the forbearance agreement. They only
    have about $4.5K in liquid assets.  They say that they have about $1K
    per month for payments. Could I structure this like a BK where I get 2
    payments, one for the primary note & one for the arrears & my expenses?

    Any other thoughts or suggestions would be appreciated.

    Thanks,
    Cathy Woodson

 

 

 

 

 

 

 

  1. I am a new student and over the seminar nothing that I can remember was mentioned about REO, so on the list of REO for sale, I would like to know if all liens have been paid, eviction was done and any other important information that I should know or what is the list of my due diligence before I purchase and REO.

 

Thank you for your prompt attention!

 

Rebeca Garcilazo

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  1. Dear Expert,

 

I am in the process of buying this note for $11,750. Their BPO/ estimated market value is at $35,000 and the property is vacant and a delinquent tax of about $2100. I ordered my own BPO for my due diligence which I received today and based on the analysis of which they use, the (as is value) is $12,000. When I look more at the BPO the comps that they have used is almost 3 miles away.

 

 

 

Questions

 

  • Can I trust this BPO?

 

  • If it is accurate, how do I go about asking for a reduction in sales price, assuming I still want to

proceed with the purchase?

 

3) How much should I pay for the note based on this current BPO?

 

Your expert advice is greatly appreciated,

 

Best regards,

 

Andre Bastien

 

 

 

 

 

 

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