Troy_Ross

Hello Gang, We are looking for fellow Virginia investors to network with on VCIN (the Virginia Creative Investors Network), located at http://s89768772.onlinehome.us/phpBB2/index.php - looking to partner up on deals possibly or simply help each other out!

Here we are just a couple of days before the Foreclosure auction. I got an email from my partner in Cali as well as Bank of America. This deal is dead and it is officially over for us now. We can't possibly do anything with it. BofA will NOT do a short sale. They are firm on that. Plus BofA got an appraisal done last week on the house and it only hit $76k. That proves I was REALLY wrong about this house from the very beginning. But what an eyeopener ! It has served as a valuable lesson to me though in more ways than one. I thank God I did not get into this thing too deep. My guardian angel MUST be watching over me!

No problem - I hope they help in every way possible.

To Michael and everyone else who visits this forum, I have finally put together a site that is a compilation of recordings from our Association meetings. Michael has visited us once in person and a second time via an internet voice chatroom. The session was recorded for members of our Association, however, I figured you folks could listen in as well and benefit from it. The web link is: http://s88721468.onlinehome.us In the menu displayed, select 'Lease Purchasing'. Feel free to listen in. Michael provides in-depth information about Lease Purchasing. After you listen to him online, you will definitely want to grab a copy of his manual! Thanks again to Michael for this forum and the help he so graciously provides! - Troy Ross, Co-Founder of the Richmond Creative Investors Association and Member of the Naked Investor Forum

They may not. That is why you must do a title search now in matters of this type to reveal ALL liens on the home. He sure has - isn't he still on NPR every once in a while? I can remember Dad listening in when I was a child and I would always mimic Paul at the end. He sure did come up with some interesting stuff to talk about!

Cruz and Brandon - tread lightly on this one. You may be in for a surprise like you said - 2nd or 3rd mortgage. Get the authorization form signed and contact the banks to get, like Paul Harvey says, "the rest of the story." Paul Harvey? God, I am showing my age...

Chad, Well, I am happy that I am not the only one riding the train called experience. Everyone learns as they go. Persevere and you will see success. Trust me, I've gone through a rough ride or two myself but I am too determined to quit. And you should not either. Pay day is just around the corner! - Troy

Well, folks, we got the Authorization through to the bank. She actually owes too much for it to be a deal (67k). I am working with my partner now to see if we can do a short sale on the house before it goes to the 'chopping block' of foreclosure on the 21st of this month. If they won't play ball with us, we might go to the courthouse steps on the 21st. If that works out, the second lien will be erased and we may get it for around 53k. That way we can have a nice spread to work with. Good Luck to you Folks! - Troy

I am so sorry if I did come across like a troll sitting on one side of the bridge warning oncomers. I do not want to scare anyone away from doing this business. In actuality, it was my intention to show you mistakes can happen if you are sloppy - which is the case with me. It was sloppiness that screwed things up for me. And that is my fault - no one elses. I only want to share it with others so you can learn from my mistake and never go through it yourself. Best of Luck everyone! - Troy

Well, if the seller says they own it free and clear, the title search will prove it. Get that done asap and that will eliminate any question about it. And, yes, I would say check with the bank(s) on ANY property you sign up (unless it's free and clear per title search). That is EXACTLY what I will do from now on!

The paramedics have re-attached my head and I am back in the game... I'd suggest checking with the bank THAT DAY. And yes, you contact the holder(s) of any mortgages on that property. First, if the house is ONLY one payment behind and, let's say, they have not moved yet, it probably is no big deal to go ahead and sign them up. The option consideration fee you later take can catch it up with some left over for you. That is what I was trying to do in my case. You might want to try to get them to make it current though. Second, to obtain ANY information from a bank, you MUST have an 'Authorization to Release Loan Information' form signed by the owner/seller. This form basically states that the owner is giving you permission to talk with the bank about their loan(s). You fax the doc to the bank, get on the phone, and get the details that you need, such as, "Is/are the loan(s) current?"; if they aren't current "What will it take to make the loan(s) current?"; if they are facing foreclosure "What will it take to reinstate the loan(s)?" If your contract is solid with the seller, then you have an "out" if the info learned is NOT what you want to hear. Please, learn from my mistake.

Rough crowd in here....

I think that is advice I need to heed, especially after this thread!

Well, it's called PROCRASTINATION. At the time I was excited that she was out of the house and I wanted to see about moving it. I thought about it on Monday and calling the banks. But I didn't. And there is my mistake in this whole thing. That is an AVOIDABLE error that I won't do again. Yeah... I'm going back to the corner and lick my wounds....

Believe me - you gotta get up, dust yourself off, and keep going. There's only a few bases in the game and then you are home. Keep going!