Defaulted Mortgages

Virtual Assistants To The Rescue

I am a big fan of letting other people who can do the job better than I can and at a cheaper rate do the things I don’t like to do anyway.

Think of virtual assistants this way. If you don’t have an assistant then you are the assistant.

I have had a lot of people ask me what and how I do it. So, here’s a list of the tools I use in maintaining my relationship with my guys in the Philippines, Ukraine and India.  I have 21 Virtual Assistants that run all different aspects of my business for as little as $1.50 an hour.

Take a look and let me know what you think:

- Jingproject.com – I use jing every single day, multiple times a day.
- Audacity – audio software
- Google Talk
- Email
- Gliffy.com
- Basecamphq.com
- Logmein.com
- Camtasia Studio
- ScreenSteps.com

Here’s a list of some of the tools I have my guys (VA’s) use:

- Onlywire.com
- EzineArticles.com
- WordPress
- jing (of course)
- Gliffy.com
- Google Docs (it’s easier to just share a spreadsheet than to send an excel file back and forth)
- TrafficGeyser.com
- Camtasia Studio
- Google Docs (creata a power point slide and turn it into a video)
- RememberTheMilk.com
- Filezilla
- MSN Loophole (the ebook)
- Super (video conversion software)
- Sony Vegas Pro
- Ebay (yes, they manage ebay stuff for me)
- Adwords (yes…)

I also found Skype useful, especially during the interview process. It provides the means to watch the “body language”. Subsequent to the hiring, it has been an invaluable aide to facilitate communications as the VA can also see my expressions. Double endorsement for Camtasia as a teaching tool.

Good stuff.

Also, if you want a free audio coaching training call I did on using outsourcing to grow a business please vist http://outsourcingxfactor.com

Leave a comment and tell me what you think.  Thanks.

The Easy Way to Buying Bank Notes

The Easy Way to Buying Bank Notes

As the foreclosure crisis continues, banks and mortgage companies are finding themselves overwhelmed with many sub-performing and non-performing loans. This obviously hurts the lenders, because they have many properties on their books that are not making money for them. In other words, they are not getting paid for the loans they gave out.

Many of the sub-performing loans are considered high maintenance to the lender. They refer to these loans as high maintenance because they have to go through a lot of effort in order to get the borrower to pay the loan amount.  Non-performing loans are those that the lender could not collect from. Even with all attempts at collections, they were not able to get one dime from the borrower.

So what happens, both types of loans sit there on the books, with nothing to show for it. When this happens, the lender becomes edgy and wants to unload the properties, so often times they will sell the notes to an investor for 20% – 60% of the original cost of the mortgage and get something out of it. Something is better than nothing.

Here you can step in as an investor and take the property off his hands. What you need to do is verify what the balance is on the loan. Also verify the repayment terms. You must see the actual documents. Don’t go by what the lender says. The next step is to verify with the seller of the note the interest rate and the amount that has accumulated so far. Find out what the next pay date is.

It would be good to ascertain what type of mortgage it is. Take a look at the title insurance policy. This will provide further info on what the mortgage is. Next check to see what the property taxes are and if they are current or not. Also, check to see if there are any impound escrow funds being held, as these will be transferred to you when you purchase the note.

It would be a great idea to have an appraisal done to the property in question to make sure the value has been confirmed. You want the value to be at least for today’s fair market value.

After you have done the appraisal, the next step would be to have the actual mortgage security instrument assigned to you. This will transfer all rights, title, and interest in the instrument to you. Also, have the original promissory note instrument endorsed over to you. Look at the actual mortgage security instrument and the original promissory note instrument and make sure they match.

Don’t forget to have a physical possession of the original promissory note instrument given to you. This is an important document, for it gives you the right to enforce any non-payment of debt to you, should you take over the mortgage and have the owner make monthly payments to you.

Before the deal is done, you may want to get an estoppels affidavit from the Assignor. Once you get this affidavit, you will know from a legal standpoint the actual balance and terms of the note. And finally, notify both the note payor and fire hazard insurance agent, and any other insurance company, under the title, the transfer of ownership of the note.

If you are new to purchasing bank notes, it would be a great idea to consult with your attorney so you know what you are getting into.

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How To Buy Bank Notes

Buying Bank Notes For Pennies

If you are a real estate investor, you know that any time a loan is taken out, it means something had to be used to secure that debt. In the case of real estate, it would be a debt instrument like bank notes, promissory notes, and so on. Basically, these notes let the lender know he will get paid each month for the cost of the loan as it is broken down over several months.

The unfortunate problem occurs when the borrower fails to make his monthly payments. When this happens, he goes into default. The lender tries to go after the borrower through various collection efforts, only to fail as well. The lender is left with one option at this time. They need to sell the negotiable debt instruments, even at a discounted price, just so he has something to cover the loan, even if it means taking a loss on some of it.

Real estate investors know that buying bank notes can be rewarding if done right. In some cases, buying bank notes can be risky, especially if the investor purchases the notes, but can’t sell them later.

The best way for you to buy a bank note, especially if you are new at it, is to ask that all contracts and documents, which are related to the loan be presented to you. At which time you will review all the documents carefully. The main thing is to look at the outstanding balance of the loan.

While looking over the documents, see if there are any clauses for interest and any other charges. You need to know this ahead of time. If you do see such payments, contact the lender and request verification of the information. You want to make sure all data is accurate.

Check to see if you are the first assignee of the bank note. If you are new to this, it simply means you are the first person to inquire about the bank note from the lender. If you are, you have nothing to worry about. However, if you are not, there may be other obligations you need to be aware of. You may just inherit any earlier assignments that were done prior to your entry into the bank note purchase scheme.

After you have checked over everything and you are assured all is verified and correct, you will want the lender to assign the debt instrument over to you. This transfers all rights and title of the property to you. Make sure the lender endorses the instrument. When the lender endorses the instrument, he is placing his signature on the documents.

Before you leave the bank or mortgage company, make sure you are in physical possession of the bank note. The reason for this is if you sell the property, or the debtor comes forward and pays off the loan, you can surrender the actual bank note. Pay any fees or amounts you and the lender have agreed to and get a receipt.

That’s basically it. If you follow through and do what is outlined in this article, you shouldn’t have any problems purchasing a bank note.IF you want some more tips of defaulted paper please visit http://misuniversity.com/defpaper/content/defaulted-paper.html/ for a free eCourse on the subject.