Foreclosure, Deed-in-Lieu, Charge-Offs, and When Should You Talk About Money

So if they can get their balance sheet, in line with reality, then they’re more easily able to sell that. Hope that makes sense. Do check out the charge offs course unit in that first course. 

Does your bank prospector software show the ALLL, which is the allowance for loan and lease losses for banks and credit unions, or do we have to log into the FFIEC manually to get the info?

Yes, we do have that. If you’ll look when you log into a BankProspector or go to any individual bank record, scroll down to the note sale indicators, and then you’ll see. Both loan, loss, provisions, and allowance for loan and lease losses in there.

Can I produce it spreadsheet automatically from the investors list? 

So if you’re a BankProspector Premium Special member and you have access to the investors list this is a  great idea. But it’s not something that we offer right now. We will certainly take it under advisement. If we hear from other folks that they’d like that, then perhaps that’s something that we could do.

Just wanting to be clear from what I just learned. REO is the only strategy where I would be actually obtaining property. Is that correct?

No, the other one is a deed in lieu.  A bank makes a loan, right? And that loan has an interest in the property. It’s a debt interest in the property and as the owner of that loan of that note, you’re entitled to receive payments. And if you don’t get paid according to terms, then you have the right to collect by liquidating that collateral by foreclosing or by deed-in-lieu. And so I think this goes back to the same kind of questions we had before, which was, how do you take possession of a property and it’s through foreclosure or through deed-in-lieu.

I’m wondering, are there things I could and should be doing simultaneously as I go through the modules? Also, what time are the Q and a calls? Are they at the same time? Every Monday. And how do I gain access? 

If you’re watching this right now, then you’ve got access to the Q and a calls. There are distressedpro.com/qa/.

They’re not live. You submit your questions by end of business on Friday. And then I answer them as close as possible to Monday of the following week, which is what we’ve got going right here. So I hope that’s helpful. 

I was wondering how much information should I obtain for the foreclosure laws in the states I’m doing business.

If you’re talking about owning assets in states where you may foreclose, then I think you want to understand that I think you want to have a good handle on it. Now you don’t have to be an attorney. You don’t have to understand all the laws in all the places, but you should know you know, some of the basics for sure.

And you should have a an understanding of where you’re investing and what the local laws are. Again, don’t  need to be an attorney, but, you might want to have an understanding like is this a judicial or nonjudicial foreclosure state.

I actually do have something here for you. We just posted this, I believe let’s go see if we can find it. We recently published this nonjudicial foreclosures versus judicial foreclosures investors and this a lot of research went into this. We had our team go through and we actually went to every single government website that there is for foreclosures for every state to,  get exactly the law as it stands right now today and I think that this right here is going to be if you’re in this business, there’s gonna be a huge help for understanding what you can do and where. 

That’s it. I hope this is helpful for you. I love getting your questions. I hope to hear more about your deals. Soon. If you’ve got a deal that you’re working on, if you’ve got a lender that you’re trying to tap into in, do you want to hear more about that? Definitely ask us those questions here and we’ll make sure that we get an answer just like we did here today. Thank you so much for being a member and we’ll talk to you next week.