Another scenario for consideration for JV or LLC on NPL
a passive investor funds the deal, we (note school students) work it out on a loan mod, work out person negotiates 3 – 4 months payments to do loan mod. workout person keeps the money as a fee, then monthly payments are split 50/50. after 12 months sell the re performing note. the investor is paid back the amount they invested and profits are spilt 50/50 or could this be structured to sell a partial to make the investor whole with some profit and the note school student hold the remainder of the note?
We will be participating with another investor by creating a multi member LLC. Two couples who are both noteschool mentor students. Each providing equal effort and money.
I use http://www.cutyourpayroll.com. Dan Keltner is the owner. The company will find out what you need, ask you for direction on how you want it done, then they will train a VA for you. They also check back in with you every couple weeks to make sure the VA is doing what you hired them to do. I have had my VA for over a year.
As tragic as this is, it may be a blessing to the family if you were to offer cash for a deed in lieu. This may help with final expenses, moving, and take a problem off their hands.
I would check for liens first. Make sure that DIL is a better option than foreclosure.
Hi James, Try calling Sharonda Hood. She and her husband re mentor students as well, and do hard money lending in the Memphis area. They would likely know someone.
Hey everyone, Just a follow up. The best way to continue, is to appoint another attorney and give them the case number. They should be able to handle it from there. The time that you should be concerned is when they had your original documents.
If not, then have another attorney continue on from the point where it stopped.
