Forclosure in P.A friend & a note - Posted by Tom Kirby (PA)

Real Estate Investing
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Posted by David Krulac on April 19, 2006 at 06:19:16:

if there is equity to pay off your debt, then record the mortgage ASAP in the Recorder of Deeds office. But recognize that for you to get any money there would need to be a thrid party bidder willing to pay more than the debt of the first mortgage, costs of sale, which will be higher than you think, and possibly other liens and judgements including deliquent taxes, water, sewer, trash and any other muncipal service, assessment or even code violation fines. Good luck, let us know how it turned out.

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Forclosure in P.A friend & a note - Posted by Tom Kirby ¶

Posted by Tom Kirby ¶ on April 17, 2006 at 08:08:31:

A friend of mine is in forclosure less than 15 days until auction. He owes me 2,100 for about 3 years and he’s willing to sign a note & mortgage.

Is it too late? Should I make him sign just a note and bring it to the sherifs office? Or record it? Or record a note & mortgage?

I need to do this so I can write it off as a loss on next years tax return if I don’t collect.

Thanx, Tom

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Re: Forclosure in P.A friend & a note - Posted by David Krulac

Posted by David Krulac on April 17, 2006 at 22:53:10:

  1. You don’t need to recorddebt to write it off. You do need to have it in writing. But why have your private business exposed by public recodation?

  2. Its not too late, you need to record before the sheriff sale, the sooner the better. (but see #1 above)

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Re: Forclosure in P.A friend & a note - Posted by Tom Kirby ¶

Posted by Tom Kirby ¶ on April 18, 2006 at 06:22:36:

Yes, but there is some equity there and I want collect. So I guess the best way is to tie the note with a mortgage?
Tom