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Are Mortgage Co's Dropping The Ball? |
dsREI
45 Posts
Member Since: 01/10/2003
Tampa, FL
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Posted: 19:43 on 07-13-2008
Are some out of Biz Mortgage companies just giving up on Foreclosure and Tax Deed Sales?
Maybe some loans have fallen through the cracks or are mishandled in the process or transfer to the new servicer.
225k of Mortgages are going to be wiped out in 3 days by the tax deed sale
Novastar Website:
At present, we are no longer originating new loans, but we thank you for your interest and for considering us.
If you are a former customer, NovaStar Mortgage is no longer servicing any loans. You should have received a notice from both NovaStar and your new Servicer by now and will need to reference this material for their contact information.
Tax Deed sale this week in Florida
Property vacant and a mess
2 Mortgages with Novastar
No Lis Pendens Filed, back tax 8k
Owner bought with 100% Loans, 80/20 both with Novastar
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dsREI
45 Posts
Member Since: 01/10/2003
Tampa, FL
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Posted: 15:13 on 07-18-2008
Just to followup
The property sold at Tax Deed Auction, the Mortgage company failed to step in and pay the taxes
180k and 45k gone
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cjmazur
4284 Posts
Member Since: 07/23/2003
Cupertino, CA
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Posted: 20:02 on 07-18-2008
is this an indication that lenders are so swamped and there is a good opportunity in tax sales?
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dsREI
45 Posts
Member Since: 01/10/2003
Tampa, FL
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Posted: 19:19 on 07-20-2008
Yes there is, but at my sale the BID was still way too high for me to make a profit
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tedo_101
30 Posts
Member Since: 07/15/2008
Kansas City, MO
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Posted: 12:18 on 08-04-2008
I agree. There are an unusally high number of tax sale properties owned by banks. It seems that they foreclose on the property and then hope to sell it before the property taxes come due. As an example, there are a few homes in Randolph County, Missouri owned by National Mortgage. National Mortgage is going out of business. On one particular home the taxes are $5,000. I wonder if National Mortgage is just saying, "the heck with it, we're not spending any more money." What's the deal?
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lyubomira2
57 Posts
Member Since: 09/26/2003
Elmhurst, IL
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Posted: 21:56 on 09-03-2008
Are these deed or TLC sales?
If TLC sales, then the mortgage co can still redeem.
If deed sales, they probably have a period after the last date of redemption to pay off. Don't know much about Florida state law and process.
Most larger lenders use 3rd party companies like Lereta whose job is to check and pay the taxes. Very rarely do they miss.
In Illinois we also have to check for bankruptcies before filing for deed. If the party is in bankruptcy special procedures apply...
May be I should head down to FL after spending a good few months reading the FL law....
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dsREI
45 Posts
Member Since: 01/10/2003
Tampa, FL
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Posted: 23:28 on 09-03-2008
Tax Deed Sales, no redemption in FL at all
the tax auction starting bid was 8k
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dirtman89
224 Posts
Member Since: 08/04/2003
Derry, NH
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Posted: 00:05 on 09-04-2008
What did it sell for and what do you think it was worth 'as is'?
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dsREI
45 Posts
Member Since: 01/10/2003
Tampa, FL
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Posted: 08:34 on 09-04-2008
sold for 71k, way too high for me
ARV about 125k
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