Deed of Trust

Archive for July, 2007

Question: Im holding a note on my old property. The property is not owner occupied. No rent is being paid. Can I evict?

The property was owned by myself. I carried back $ 30,000.00 at the closing for the new owner. The renter has stopped paying. Can I evict and is it a long process ? I also have a Deed of Trust with an assignments of rents.

Answer: Since the note is secured by a Deed of Trust you first must go through the foreclosure process. Then after you get the property back by foreclosure you then have to evict the tenant by the eviction process.

In my state to jump through these hoops you are looking at 6 to 8 months. Five months for the foreclosure and 2 to 3 months for the eviction. Plus around $3000 to $5000 in fees. Also you will probably have to pay all the back taxes owed on the property, a lawyer to evict the tenant, and repair the damage to the property.

If you hold a 2nd TD instead of the 1st TD you will have to pay off the 1st TD lien holder also. Talk to your accountant and lawyer to see if it is worth it to do a foreclosure. If the amount owed on the 1st and 2nd Trust Deed exceeds the value of the house your 2nd TD would be effectively wiped-out.

Los Angeles Fix and Flip

Question: As of now my father has NOT been deemed mentally incompetent?

He purchased about an acre of land in Florida for me back in 75' and of course its value has increased. I have an aunt who I believe is trying to sell this land (she has limited durable poa). Since my father hasn't been found mentally imcompitent can legally he deed the property over to me? It is also his wishes to deed it over to me since he does not trust her.

Answer: If your father has not been found judically incompetent or found incompetent by the courts then he can do anything he wants with his property.

Own a Holiday Florida Home, with Famous Rent to Own on Steroids(TM) Turn Rent into Down Payment

Question: Tax Lien Certificates or Trust Deed Sale?

which one actully produces results?? Does anyone know how to purchase tax lien certificates or Trust deeds in Sacramento Ca? with a small investment of 5k or less what's the biggest risk?

Answer: tax sales (for deliquent property taxes) are advertised in the paper and happen once a year..
at the auction...you can put up the 5 k..on taxes...
so........lets see..now 5k and sacremento.. maybe a condo..
because with the bid/auction you are paying the deliquent taxes and the auction price.... if the owner pays in the year due..you get ap. 8% interest on your money so big investors buy..and auction..and hard and high..because they get better interest than banks..on these..
some people actually do get a purchase at the end of the year..and this is cash....
so chances of getting something for 5k are slim..and if you do..that is easy to repay...

Bridge loan mortgage in Delaware