Issue VIII - July / August, 2004

Partials…The Good, The Bad, and The Ugly

Let's review a little. First, what do we mean when we talk of "partials"? This merely means instead of buying or selling all of a note, we sell or buy a portion of the note. For example, in the last issue of THE NOTE PROFESSOR NEWSLETTER, we discussed how rehabbers would be eaten alive by hard money, and the only buyer available had a mediocre or low credit score. Ever been in this situation? To solve this problem the rehabbers could sell their property, finance it themselves by taking back a first lien note. The rehabbers could then sell a portion of the note to pay off the hard money lender, and this would leave the rehabbers with the back portion, or "tail end" of the note for their profit. I call this technique the REHABBER BAIL OUT.  More>>

Is There a Lawyer in The House

In this edition of the NOTE PROFESSOR NEWSLETTER, I am going to interview a real estate attorney. I am going to ask some questions that were sent me by some of you. So let's get to it. May I present Gaylene Rogers Lonergan. Gaylene is an attorney who is Board Certified in Commercial Real Estate Law by the Texas Board of Specialization. As a caveat so neither Gaylene nor I get sued, the information given is meant to be general knowledge only, and not intended to be giving legal advice. More>>


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Definition: Power of Sale
      Clause in a mortgage or deed of trust giving the mortgagee or trustee the power to sell the property in the event of a default. Different states have different laws which govern the sale, which must be at public auction. There is no court action (judicial foreclosure) necessary.
 
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