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You are here: Home / AZREIA / Case Studies ~ Buy A Performing Note – Then It Goes South — Part 2

Case Studies ~ Buy A Performing Note – Then It Goes South — Part 2

April 29, 2019 By Dave Franecki

As discussed in my prior blog, Note workouts are not rocket science. It is a matter of treating every party fairly.

CASE STUDY 2

This 2nd case study happened on a 2nd Mishawaka, IN property. My

partner & I bought a non-performing note(NPN) in October, 2014. The payor had become functionally unable to do anything due to a debilitating disease and had been out of the house for 2 years. We tried a workout which was not viable but did get a deed in lieu of foreclosure with cash for keys.

After fixing the place up, we found a recently divorced lady. She was happy with a probtionary rent-to-own for 12 months a and Seller-carry to follow with 10% down. She was also qualified by an RMLO oer Dodd-Frank. We sold the 1st note to a partial note investor and kept the second.

Fast forward, the payor stopped paying due to illness. Again we developed a good working relationship with her. After a series of discussions, she confirmed that she really did want to stay and agreed to a loan modification. The “we” was the partial note buyer.

The end result is after consulting with our legal counsel and her daughter, the payor signed a Quit Claim deed to be held in escrow and agreed to a payoff schedule for her to get caught up on the back payments. If she falls behind on any payment for more than 15 days we can record the Quit Claim deed. My company will own the house. We have avoided the the foreclosure process to boot. The bottom line: the payor is happy and agreed to bring the loan current, the partial buyer is happy as she is geting paid, my partner is happy as we are both collecting on our second and have avoided a negative situation –the long forfeiture process.. This was/is a total win-win.

Potentially, we may have to record the deed and rehab, but for now it is all good.

Filed Under: AZREIA, California Note Investing, Capstone Capital USA, CashFlow, Dave Franecki, EddieSpeed, Fair Market Value, Financial Freedom, hardest hit funds, How to Grow an IRA with Notes, How To Grow An IRA With Notes, How to Sell My Mortgage Note, Note Investing, Note Investor Forum, Note ROI, Notes, Paper Source, Partials, PERFORMING NOTEE FOR SALE, PHOENIX FIX & FLIP, PHOENIX REAL ESTATE, Protecting Mortgage Note Values, Real Estate Trends, Rental Real Estate, RentalRealEstate, REO, Return on Investments, Roth IRA, Safe Note Investing, Scott Carson, ScottCarson, SDIRA, Self Directed IRA, SELLER CARRY BACK, Seller Financing, Seller Financing Tips, Seller-Carry., Uncategorized

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