Watch the training webinar replay for June 3rd, 2015:
Announcements:
May’s Max ROI with Non-Performing Notes Fast Start Workshop Recordings are Available:
The video recordings from the May 21-22nd workshop have now been uploaded to the Members Area under the “Videos” section.
We broke out the videos into specific sections so you can quickly and easily find the content that’s relevant to you. There are 25 separate videos to choose from.
Click here to view the May recordings.
Paper Profits Mastermind & Funding Facebook Group is Live!
The online Paper Profits Mastermind & Funding Facebook Group will allow us to communicate with you more often and you’ll now be able to ask questions and give feedback to other members of the group.
We’ll be posting a lot of updates and files inside of the group so make sure you join us!
An invite was sent to the email address we have in file for you.
If you have not yet received your invitation via email, please email Jon with the email address you use for Facebook and he will add you right away. Jon’s email is:
Join the Facebook Group and introduce yourself!
Save the Dates
June 13 in Las Vegas – Introduction to Notes Workshop. As a Member, you can attend at no charge. If you can attend, please RSVP ASAP. Click here to RSVP for the June 13th Workshop.
July 16-17 in San Diego – Seller Finance & Trusts Workshop
August 13-14 in San Diego – Non-Performing Notes Workshop
TBA in San Diego – Paper Profits Mastery LIVE
January 20-23, 2016 in San Diego – 3rd Annual Note Investor Summit LIVE
Call Notes:
Today we had special guest Michelle Ghidotti with The Law Offices of Michelle Ghidotti on the training webinar to discuss Bankruptcy.
Please download Michelle’s handout, which will give you some fantastic information on Chapter 7 and 13 Bankruptcy Basics.
Click here to download Michelle Ghidotti’s Bankruptcy handout
It would also be worth your time to review the video recording of Michelle’s presentation from May’s Workshop before you watch this training as she covers the first few pages of the handout. The video recording is located on this page: May 2015 Workshop page.
For more information, you can contact Michelle at:
Michelle Ghidotti
(949) 354-2601
mghidotti@ghidottilaw.com
www.GhidottiLaw.com
Supreme Court Announcement:
June 1, 2015 – The US Supreme Court today ruled that junior lienholders cannot have their lien stripped if the value of the real estate is less than the value of the senior lien.
Listen in as Michelle discusses the new Supreme Court announcement.
Here are the questions covered on today’s training:
Question #1) When do I need to retain an attorney? What can I do myself?
Question #2) Can I call the bankruptcy trustee for information about a case?
Question #3) What do I need to do if the Debtor listed my predecessor in the case and not me/my entity which is the current note holder?
Question #4) What is the significance of not filing a Proof of Claim?
Question #5) What do I need to do if a homeowner files a Motion to Value or Avoid my lien? Do I have to obtain an appraisal or will a BPO/Zillow work?
Question #6) Why would a homeowner file Chapter 7 if they want to keep the home and are delinquent on the 2nd?
Question #7) Do I need to attend the 341(a) Meeting of Creditors?
Question #8) Why won’t the homeowner’s attorney call me back? What can I do if I want to present a workout to the homeowner?
Question #9) How can I analyze a Chapter 13 case once it’s filed to determine how I will be treated?
Question #10) Can I just wait out a Chapter 7 since it’s a short case, or would I file a motion? What are the Pro’s and Con’s?
Question #11) Is there anything I can do if my lien has been avoided and I missed the hearing / deadline for filing an opposition?
Question #12) How can I be notified of the documents filed in a case?
Follow-up question to #12, “How do I know there is a bankruptcy in the first place?”
Other items covered:
– What is a “Cramdown”?
– Owner occupied versus non-owner occupied
– Question: “If you’re stripped can you still pursue the debt?”
– Personal liability: Michelle discusses when the borrower is personally liable.
– Michelle stated, “If your lien is stripped you are then considered unsecured debt, you’ll now be paid based on how the bankruptcy structures the payments for unsecured debt.”
– Question: “Regarding Ch 13, if the property gains value during the 5 year period can a reappraisal be done to help the lender?”
Do you have any additional questions? Please post them in the Facebook group or submit a question to the Hotline.