Posted by Brent_IL on February 20, 2002 at 20:03:24:
Serious investors will protect themselves. Causual investors will sue when things fall apart.
Foreclosures with 25% to 85% equity - Posted by Eugene J Patrick
Posted by Eugene J Patrick on February 20, 2002 at 12:13:28:
I have access to many foreclosure properties but I have from zero to very little money. These properties have anywhere from 25% to 85% equity in them. How can I find a serious investor with cash? Here is an example of one of the properties I have found.
MORTGAGE SALE - Default has been made in the conditions of a mortgage made by CLIFFORD STEGER and GLADYS STEGER his wife, (original mortgagors), to Michael Wartell & Co., Mortgagee, dated July 10, 1974, and recorded on July 16, 1974, in Liber 18858, on Page 18, Wayne County Records, Michigan, and was assigned by mesne assignments to ATLANTIC MORTGAGE & INVESTMENT CORPORATION, a division of ABN AMRO Mortgage Group, Inc., a Delaware Corporation, Assignee, by an assignment dated January 10, 2002, received by and recorded in Wayne County Records, on which mortgage there is claimed to be due at the date hereof the sum of FIVE THOUSAND SIX HUNDRED SEVENTY SEVEN AND 91/100 DOLLARS ($5,677.91), including interest at 8.750% per annum.
Under the power of sale contained in said mortgage and the statute in such case made and provided, notice is hereby given that said mortgage will be foreclosed by a sale of the mortgaged premises, or some part of them, at public vendue, at 1:00 p.m., on MARCH 20, 2002.
Re: Foreclosures with 25% to 85% equity - Posted by Robin (OR)
Posted by Robin (OR) on February 20, 2002 at 23:30:38:
Good luck with your investing, but you should read the editorial policy for this board. I had a post removed for advertising when I posted looking for investors in my area. My fault, I didn’t read the policy first.
deja vu - Posted by JD
Posted by JD on February 20, 2002 at 20:51:33:
Excuse my skepticism. But, the world is filled with guys like you that don’t have any money but could become millionaries inside of a year if only someone would invest in their schemes. Unfortunately their plans are usually badly ill conceived. Case in point, you probably didn’t even know that Michigan has a 6 month post sale redemption period.
Re: Foreclosures with 25% to 85% equity - Posted by EWest (MI)
Posted by EWest (MI) on February 20, 2002 at 18:19:17:
I hope you do follow JohnBoys and Nates advice and at least check the title. I don’t know if you intended it or not, but the way you posted your reply comes across as aragont and “I know better than you” attitude, Just don’t want to see you getting screwed.
Good luck
EWest
Re: Foreclosures with 25% to 85% equity - Posted by tang-0-rang
Posted by tang-0-rang on February 20, 2002 at 14:04:23:
if memory serves, this mortgage might be totaly assumable, since it was made before 1989? Maybe that is why the owner kept this mortgage, and there might be a larger second on the property that you may be unaware of.
investors…try hard money, also chuck(AZ) who frequents the mobile board, has some kind of connection worth checking out.
just my thoughts
Todd Williamson
Re: Foreclosures with 25% to 85% equity - Posted by JohnBoy
Posted by JohnBoy on February 20, 2002 at 12:19:08:
Most likely this is a second mortgage being foreclosed on where a 1st mortgage is recorded against the property. If that is the case the 1st would have to still be paid off. You need to check title to see whether this is a 1st mortgage or what.
Re: Foreclosures with 25% to 85% equity - Posted by Gene
Posted by Gene on February 20, 2002 at 14:09:08:
Thanks
Re: Foreclosures with 25% to 85% equity - Posted by Eugene J Patrick
Posted by Eugene J Patrick on February 20, 2002 at 12:47:07:
Read the post again and look at the date on the mortgage. That is the first mortgage, that’s what makes the deal(s) so good.
Re: Foreclosures with 25% to 85% equity - Posted by Nate(DC)
Posted by Nate(DC) on February 20, 2002 at 13:10:28:
The date of the mortgage has nothing to do with whether or not it’s a first mortgage! The only way you can know that it’s a first is to know that there is nothing recorded ahead of it, and you can’t know that without going to the courthouse.
The fact that you posted this shows that you really don’t know all that much about foreclosures and will probably not help you in trying to attract a partner. I hate to be harsh but it is true.
NT
Re: Foreclosures with 25% to 85% equity - Posted by Eugene J Patrick
Posted by Eugene J Patrick on February 20, 2002 at 13:30:23:
Thansk but I am not looking for a debate I am looking for serious real estate investor with cash.
Re: Foreclosures with 25% to 85% equity - Posted by Nate(DC)
Posted by Nate(DC) on February 20, 2002 at 15:39:03:
I understand that, but I think you should at least consider what I have said. I am a serious real estate investor and that was my reaction. I am trying to prepare you for the same reaction from another serious real estate investor, because if you have nothing to say to them, you will not get them to invest with you either. I’m trying to help, but you refuse to see that. Your loss, IMHO.
NT
Re: Foreclosures with 25% to 85% equity - Posted by Gene
Posted by Gene on February 20, 2002 at 15:59:27:
Thanks, but believe it or not I have got two serious investors since the posting. Not from the posting however but from other places I looked. They are local and very serious.
Thanks anyway
Re: Foreclosures with 25% to 85% equity - Posted by Geoff
Posted by Geoff on February 20, 2002 at 18:24:12:
Just a casual observation Gene, but you seem to have a pretty big chip on your shoulder, you might want to take it down a notch. Nate was pointing out a pretty obvious first step and you seem to think he was insulting you in some way.
I am glad you have a couple fish on your hook, but to keep them interested you need to know all the details they will question you about. If they are seriuos investors, they won’t just hand over their money.
Just my objective observation.