sean, today I committed the mortal sin, I mixed up two properties and bought a second??? Any advise


#1

Bought second, no equity even for first ??? now what, anyway to rescind ?

Any way not to loose my life savings??

Jeff

BTW radar had it as a first, 4 bidders , we won what luck


#2

Ugghhh. I hate to hear this. Our modeled loan positions are really useful when trying to figure what properties to focus on, but should never be used for bidding at auction.
The likelihood of fixing it is low, but what you want to do is immediately look for any irregularities in the sale and for any possible way to get it rescinded.
I was successful in doing this once. In my case it was a private “hard money” 2nd and the hard money second had run up the balance due on the loan to double what it should have been. The woman in the home was elderly, make that senile, and this private lender was essentially stealing her equity. I figured it out and called and threatened to take him to the DA if he did not rescind the sale and re-foreclose for the proper amount. He told me to pound sand. Then I called the trustee, in this case a small one man firm, and made it clear that as a trustee he had a fiduciary responsibility not only to the lender, but to the borrower. He told me to pound sand - I told him to call his attorney. Two hours later the trustee called me, apologized for the misunderstanding and promised I would have my check overnighted the next morning. Got really lucky on that one. But would not have been so luck had I not jumped right on it and started digging.
If you find something and want to discuss just email support@foreclosureradar.com and I’d be happy to call and help however I can.