Please foreclose on me ASAP - Posted by BankRobber


#1

Posted by Irwin on January 23, 1999 at 18:06:31:

Your questions puzzle me a little and Dan has asked a good question. We know you hold a deed, and that you want a f/c sale to be held ASAP. Presumably, you will either bid the first mortgage debt and take it free and clear of junior liens (but what if they bid too). Or, the equity is far greater than all liens and you hope to pick up overplus after the sale. What we don’t know is what is against the property, what the property is worth, and what your plan is.


#2

Please foreclose on me ASAP - Posted by BankRobber

Posted by BankRobber on January 22, 1999 at 22:15:43:

One of my dumby corporations holds Title to a property that is in Foreclosure. I want the Lender to conduct the foreclosure sale as soon as possible, but the Lender keeps rescheduling the sale (It was originally scheduled for 12/8 then 1/6 then 1/13 then 1/20 now 2/4. Any suggestions on how to motivate the Lender to conduct the sale as soon as possible?


#3

Re: Please foreclose on me ASAP - Posted by Irwin

Posted by Irwin on January 23, 1999 at 07:25:54:

What’s your reason for wanting the f/c ASAP? Are you using it to clear title? If so, the way to speed up the sale process is to buy the first mortgage (take it in your name,not the corp) and control the f/c yourself.


#4

Re: Please foreclose on me ASAP - Posted by BankRobber

Posted by BankRobber on January 23, 1999 at 10:31:16:

Yes, I would like to clear Title.
Yes, I have thought about having a different dumby Corporation buy the Note from Big Institutional Lender. But I see two problems with that:

  1. If (a big if from where I sit) I could find someone at Big Instituional Lender that would agree to sell me the note, I would probably have to pay a preminum for it (paying a small premium is not a major problem, but one I would like to avoid nonetheless). (I would like to get feedback from anyone that has sucessfully or unsucessfully purchased notes from Instituional Lenders)
  2. If I were succesful in purchasing the note, holding the note would tie up a significant portion of my working capital for a few months. Although I could probably find a Lender that would lend money against the note, I would incur significant fees and a great deal of grief.