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.
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!