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When preparing to bid on a property, always pull a title swipe. We use http://www.Protitleusa.com for $90 you want to know what you are bidding on. We buy 2nd mortgages and we have foreclosed on properties at auction from 2nd position which means our foreclosure does take place and the winning bidder does win possession of the property, but it is ownership subject to the first mortgage. Many auction bidders perform their due diligence blindly which is hilarious to witness! Especially in Florida where everyone is bidding online like crazy! We saw a bidder bid up a $17,000 2nd to $95,000 and called me later to tell me he bought a $400,000 house for $95,000 at the auction. I asked how much the 1st was owed, he said what 1st? What do you mean? He had already put $30,000 into the rehab by the time I found out (probably more like $50,000). After reviewing the title swipe and contacting Ocwen, the 1st was owed well over $600,000 and was 6 years delinquent they had already started foreclosure themselves. $90 could have saved this disaster. I saw another one lose close to a million because they owned what they thought was a 2nd but turns out to be a 3rd, the 2nd foreclosed and they won the bid on the 2nd and didn’t know there was a 1st. The rehab was completed, taxes were brought current, house went up on the market and the realtor was contacted by an attorney stating that they didn’t own the house anymore because the 1st foreclosed! The 1st position was very patient and just sat back and watched the rehab be completed before they notified anyone which was brilliant! Be careful out there!

Hi Group! I'm Josh, the author of Moneylender Professional. A lot of people use my software to manage their notes. I'm interested to see the structures of the various deals people end up making. It's always cool when someone finds a really creative way to set up a deal so it works well for everyone involved.