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Question about hard money second.

Home Forums General EHTrust/EHT Topics and Creative Real Estate Financing Question about hard money second.

This topic contains 1 reply, has 0 voices, and was last updated by Avatar of rick rick 10 years, 6 months ago.

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  • #5702
    Avatar of rick
    rick
    Participant

    I just had a woman call me up and ask me about a property I had under an NEO last year in Morgan Hill. Unfortunately it is no longer available and her and her husband make about 200k a year. She loved how the trust works and wnats to find a home ASAP because she just gave her last one back to the lender.
    I started doing a little digging and found out she was never served any papers and the hard money lender had put pressure on her so she moved out. She said the hard money lender was going to pay the first to take control of the property and payments have never been made. Her husband finally talked with the bank yesterday and they wanted to know when she was going to make a payment because foreclosure proceedings had not yet started.

    Does anyone have any suggestions as to where I should start.

    It look like it’s time for dialing for houses. :wink:

    Thanks

    #29618
    Avatar of rick
    rick
    Participant

    Can the second have you removed from the house?

    How do they collect on the deficency if the value of the house has dropped 40%. I guess they can sue.

    Now everything should be put into a trust to protect it.

    #29619
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @Rick wrote:

    Can the second have you removed from the house?

    Absolutely Not! Not unless they foreclose.

    @Rick wrote:

    How do they collect on the deficiency if the value of the house has dropped 40%. I guess they can sue.

    Nope. If the 1st Forecloses the 2nd is wiped out and their is no option for recovery for the 2nd.

    @Rick wrote:

    Now everything should be put into a trust to protect it.

    Putting a property “in trust” is not going to protect it from foreclosure or keep the 2nd from foreclosing.

    Unless the 2nd is a Private Lender named Vinnie, I don’t know how they could force or intimidate the resident to move out.

    I would tell them to move back in immediately. If they don’t get it occupied immediately the 1st will “Winterize” and or Lock Up the property and severely restrict the owner’s options. GET IT OCCUPIED NOW!

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