Ask Paul Wells

Hi Paul,

I just wanted to know what happen if the junior lien foreclose on the property.

1. Can we still offer a short sale on 2nd position?
2. Do junior survive if the property become REO?

Please reply. Thank you.

Sam

Here's the answer:

http://theforeclosureking.com/askpaulwells/2006/12/what_happens_if_the_junior_lein_forecloses.html#more

Paul

Hey Paul, will you be posting 26Oct call to listen..I missed it.

thanks

Sorry, the Oct 26 call didn't get recorded.

Paul

Paul,

I've been talking to some homeowners with very little equity, but with multiple liens. To do the short sale I have told them that they need to deed me the property. Many times I am asked why they should do this. I tell them that it is easier to negotiate with the bank if I am on the deed and if sellers 'vaporize' I am not left hanging. Are there other reasons I can give for why I need the deed? These two reasons don't seem to make them feel at ease.

ANswer:

http://theforeclosureking.com/askpaulwells/2007/01/why_should_a_homeowner_deed_you_the_property.html#more

What is the best way to attract private lenders to fund my deals very quickly.

Answer:

http://theforeclosureking.com/askpaulwells/2007/02/best_way_to_attract_private_lenders.html

Hi paul,
Can you short sale rental property? Any special requirements?

Answer:

http://theforeclosureking.com/askpaulwells/2007/02/can_you_short_sale_a_rental_property.html

Paul,

Can I purchase the leagal forms you talked about in one of your meetings.

such as:
Authorization to release,
Power of Attorney
Warranty Deed
Sales Contract
Sellers Disclosure

Yes, those forms are part of my Rookie to Riches course, available here:

http://theforeclosureking.com/home_study

Paul
What have you found to be the most effective way to get people in FC to actually call based on letters from the Notice of Default lists. I send out a number of letters a week but no responses come back!

Michael,

Here's the answer:

http://theforeclosureking.com/askpaulwells/2007/03/finding_sellers_through_notice_of_default_lists.html