Status Update

Time for a status update. All my active hard money loans are current and have been paying on time. Hard money #14, which was just made mid-June, might be paid off soon. The property has been fixed up and is on the market. This guy works fast! Here's a shot of the place when my borrower purchased it:And here it is now:Looks much nicer. He took down the fence, which is something I probably wouldn't...

Time Is Of The Essence

Saw this article today about a couple in California that bought a house at a foreclosure auction. They thought they had a great deal, but it turns out they actually bought the worthless second mortgage, not the first. A few months after the auction, they received another foreclosure notice, this time for the first mortgage. As you know, the first mortgage has seniority, so the couple was pretty much screwed. At the auction for the first mortgage,...