Hi, this applies to CA.
For over 2 years, this multi-millionaire broker and owner of RE corporations has been ripping me off. It all began with him insisting that his escrow company be used. They had written up the contract, giving him the option not to pay years’ interest until the balloon payment would be due after 7 years @ 5%. Guess what? Neither was paid - not years’ interest, nor the balloon payment. (Which was way below FMV, BTW).
That 4-plex generates about $ 2,700 gross rent. Property tax is about $ 3,800 (trash service included).
The note is held by that same (…) escrow company. And there is supposed to be an assignment of rents clause which a lawyer agreed to enforce for $ 2,500 flat rate. But he dropped it.
Q: Who handles the foreclosures for the banks? There must be some foreclosure specialist law firms in San Bernardino county.
Q2: How much do you pay for this?
Q3: I’m deeply unhappy about the counter party - a licensed broker. Personally, I would return a property when I cannot make the payments.
Am bathing in shame and remorse