PLP-048 Foreclosure Journal: Part 2
In this second part of the Foreclosure Journal, Keith gives a sneak peak of his private lender academy that is slated to go live in January - what the latest situation is and what steps that must be taken to improve it are. He also gives some updates on the foreclosure process with his house in Port Arthur, offering insights and highlighting what is great about foreclosure.
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Listen to the podcast here:
PLP-048 Foreclosure Journal: Part 2
I'm going to tease you a little as I have a small announcement I'd like to make about the Private Lender Academy. This episode will be part two of the Foreclosure Journal where I'm going to give you updates on what's going on in the foreclosure process that I have in a house out in Port Arthur. Unfortunately, I'm running behind schedule. That's the announcement. The Private Lender Academy does not look like it's going to be ready to launch in January. I'm still busting my tail to make it happen. I realized that I needed to do a little more research and so I've been reaching out to you, the audience and those who have signed up and provided me with your email address. By now, you should have received at least one email from me and I don't email very much. I hate unnecessary emailing, but I am asking for your help and input to help me shape and create the Private Lender Academy. I want to take my time and deliver a good product. I don't want to rush something out just because I put a flag in the sand and said I'll do it by January. That's the announcement and please stay tuned. You can go to PrivateLenderAcademy.com and get on the list so that you'll be alerted and informed when everything starts to roll out. That's the grand announcement.
This is going to be part two of the Foreclosure Journal. I'm going to bring everybody up to speed to where we're at in this. If you're following along, this isn't quite in real time, but it's enough in real time that you'll notice that several weeks have gone by since I've given any updates and what's happening. On this particular house, we sold it with a first position lien for the purchased price. We’re seller financing it to the end buyer and then he asked if we could roll over his closing costs into the note. I wish I could remember why we didn't do it all in one, but we did a first lien and second lien. The title company wanted us to do it that way to keep things cleaner. When we go to the attorney to get the letter of default and the intent to accelerate the loan, I and my partner, Landon, cannot find an executed copy of the second lien and deed of trust. First, we went to the title company. However, our escrow agent was no longer at the title company where we closed. In fact, they pretty much shut down after that. We were unable to get the second lien. I liaise with the attorney and asked if we could foreclose on the first lien. It's the bigger one anyway and it still could get the buyer out and get the property back over into our hands. That's what we did and we've also started to advertise the house again for seller financing.
The buyer got the hint because now after not paying anything for almost a year, all of a sudden, he says he has money and he's returning phone calls. This is a positive thing because my goal isn't to foreclose on people and resell the house even though that is an option for me and my partner. I don't want to do that. I don't want to be predatory. I'd rather have somebody stay in the property. We've said that we're willing to negotiate what's owed if he can come up with a substantial chunk of money. He said he could, the arrears are $6,000 right now. That includes the county taxes, the property taxes that have not been paid and late payments and everything that he still owed us in the first and second liens. We gave the payment instructions and said, “Until we received the money,