Oscar Morante

Here are the today's 30-60-90-120 count for Dakota and Scott Counties in Minnesota.

Oscar Morante

info@rapidforeclosuredata.com

Christian:

Below are my answers in bold:

At 02:05 PM 8/21/2008, you wrote:

Oscar:

A few more questions:

1) If I work with you to obtain the 24 hour loan, then it's really not a double escrow transaction, it's just two seperate transactions taking place on the same day as I will be using money from my bank account to purchase the property, not the new buyer's money. I will own the property for just a few minutes before I turn around and sell it to the new buyer, correct?

Yes. That is why it is called "double escrow alternative funding"

2) How do I go about listing the property for sale when I don't actually own the property yet? Am I allowed to advertise on craigslist, place a FSBO sign in the front yard, etc, even though I'm not the legal owner of the property yet? Or do I have the current owner do this? Can you enlighten me on how this process works?

The investor doing the double escrow needs to be authorized by the seller to remarket the property prior to closing or have an option agreement. You can't be selling someone else's property without authorization and / or an interest in the property.

3) What happens if for some reason you lend me the money for 24 hours, and the new buyer decides to back out of the deal, or he/she needs a few more days to complete the closing? What happens in those cases?

We do not release aquisition money until there is confirmation that there is re-sale funds. Exact escrow instructions will be provided. This can be better done with a national escrow company that is authorized in all the states and know this type of transactions. We can connect you if you have good to go deal.

If you would like, I can take you out to lunch and we can discuss business. Like I mentioned before, I am a real estate.

Thanks for the invite. That is all the information I have about this type of funding. You can review the workbook you got in my class. It has a double escrow flow chart. Maybe we can do business.

We currently have over 60 short sale listings in our office. The more I understand about the services you offer, the greater the chance I can send some people your way for loans, training, etc. Let me know.



thanks, Christian

Jeremy:

I am glad you are interested in double escrows. I have not yet scheduled the double escrow alternative web meeting. Keep track of my emails. Let me know when you have a ready to go transaction.

Oscar

At 07:02 PM 8/20/2008, you wrote:

I would like to attend the meeting. If it has past, would you consider doing another one? Double closings is one of things that have slowed some of the bird-dogs in the Dallas-Fort Worth area.

Christian;

I am glad you are active in Short Sales. Our loan is only for 24 hours. We do not lend over weekends or holidays either. I would like to help you. Let me know when you have such a deal.

Sincerely,

Oscar

At 05:57 PM 8/20/2008, you wrote:

Oscar:

I am getting close to getting a short sale approved with the bank. Let me know if you are available to meet up sometime this week or next so we can review the "double escrow" process and your 3-day loan option.

thanks, Christian


Christian:

Contact me next Thursday. Maybe we can do something

Oscar

At 09:59 PM 8/6/2008, you wrote:

Oscar:

Once again, thanks for the infomation and prompt response. When you get back in town, we should meet up for lunch one day so we can discuss the double esceow process further and share info regarding short sales. Our office currently has 70 short sale listings in the pipeline. There is great opportunity to perform double escrows on some of these properties. Our website is

In regards to the disclosures, my main concern is that the lender(s) that are approving the "short sale" to take place would probably not allow it to go through if the title company disclosed that the first buyer was going to turn around and sell it to someone else for a higher price on the same day of closing. Since the bank is already losing money, I would imagine they wouldn't want to know someone is able to re-sell the property for a higher price. Is this a correct assumption, or do the lenders not care what happens once they have agreed to sell at a certain price? I also assume that some buyers in the second transaction might not like the fact that they are paying 20-40k more for a property than what someone else just paid, but I guess as long as they are still getting a good deal on the property themselves, they could overlook this.

thanks, Christian


Christian:

Below are my responses.

Oscar


At 08:45 PM 8/6/2008, you wrote:

Oscar:

Thanks for the quick response. I was hoping you could you provide me with some more info so I fully understand this process. This will help me next time I speak with a title company and inquire about the double escrow process or advice other agents on my team.

Here are my questions:

1) Why/ how does an all cash transaction eliminate the need to disclose each transaction to the other parties? When I initially asked the two different title companies (Transnation and Security Title) about the double escrow process for a short sale, I never specified whether the first purchase would be cash or a conventional loan, and yet they both informed me that full disclosure would be required to the buyers and seller of each transaction.

If you bring cash you are not doing a double close. You are not using the end buyer's money to purchase. However, maybe the title company may still want to see the disclosures. To me disclosure are inevitable so might as well do them. The end buyer will notice matters by just looking at the title report.

2) I have read that not all title companies do double escrows. Would you be willing to provide me with a few local contacts at title companies here in the Portland area that do indeed process double escrows in a independent manner?

Yes but with some conditions. Iam reserving this only for the deals in which I provide the one day money double escrow alternative funding. This thing of the double close has been so mis-used that escrow officers are worried to ending up with a bad reputation.

3) Yes, I would be interested in working with your team to obtain a 1 day loan if that is what it takes to make a double escrow happen. What is the fee?

The fee is three points. Money is only available for 24 hours maximum no matter what. We need at least 72 hours.

4) Are there any other items I need to be aware of in regards to the double escrow process?

The main thing is to select who to do it with and make sure you come across well. This is a high stigma transaction.

Gracias,

Christian



Christian:

The title company is right. If you want to avoid disclosing you need
to bring your own cash. We provide 1 day money as well. Basically
we loan you for only 24 hours. Let me know if you need such thing.

Sincerely,

Oscar

Jason:

I am glad you are interested in short sales. We do one day double escrow alternative funding. This is a 24 hour only loan. Let me know if you have such a transaction. I would like to help you.

Sincerely,

Oscar

At 02:41 PM 8/20/2008, you wrote:

Hey Oscar my name is Jason Sarmiento I live in Tennessee. I looking to get financing for my short sale deals. Let me know some more on this option.

Jason

Yvette:

Thanks for considering me for doing business. Let me know when you have something good to go.

Sincerely,

Oscar

At 03:17 PM 8/19/2008, you wrote:

Oscar,

Thanx for the consideration. We have a lender already to purchase the properties and they are charging a mint!!! In most cases, I would end up refinancing the borrower anyway at some point, until the property is sold. We have an excellent marketing plan. I am not really the greedy type, so when I saw your program and the cost associated, there were huge savings there for the buyer/borrower.

I have (2) deals coming up. I will process them for you as well and send them for your review with the docs you have requested and we can test this theory out. I am excited about the prospect of working with you. I read your bio on your website. So, look forward to hearing from me soon!! J


Thanx Again�

Yvette

Scott:

I am glad you have a deal. We only do 24 hours. Otherwise it becomes another type of transaction. We will not even fund from Friday to Monday or over holidays. This is a very "niche" type of thing. Let me know if we can help you.

Sincerely,

Oscar

At 11:45 AM 8/19/2008, you wrote:

what is the longest time frame you would fund a deal, I have a deal now which we are going to recieve short sale approval for by next week. The end buyer is 95% financing finalized but he said the mortgage broker said we would need to hold the property for two weeks for seasoning before closing with him.



would this be a deal for you.



we are looking at 109 and change net to the bank and closing for 135k to end buyer.



thoughts?


Mr Foreclosure
Scott Markowitz

Norine:

Thanks for the info. This looks like a viable transaction.

I am surprised that B of A is trying to foreclose while being in second position. If the foreclose they will have to pay Chase or re-instate what is owed to Chase. In this cases usually the second at the end does not foreclose and lets the first foreclose. That way the homeowner is still liable to the promissory note on the second mortgage. I would not be surprised if this happens. Banks are savvy but often miss important details given the volume of defaults they have. Most of this would happen at the last minute. Chances are B of A will take a long time to start foreclosing despite all the noise they are making. If they start prior to Chase, then they will stall close to the trustee sale. The reasons are evident. If they foreclose the owner will not owe them anything.

I will show the intake to my partners. We will reply to you tomorrow.

Thanks for considering me for your short sale needs.

Sincerely,

Oscar


At 04:28 PM 8/19/2008, you wrote:

--- On Tue, 8/19/08, kudo dascher <helpyourway@yahoo.com> wrote:

From: kudo dascher <helpyourway@yahoo.com>

Subject: Intake Form from Norine

To: oscar@bestshorsales.com

Date: Tuesday, August 19, 2008, 3:12 PM

Oscar:

Here goes:

A 4-Plex multi-unit located in Stanislaus County

All 4 Units are rented $700 however one tenant will vacated end of Aug 2008O

Purchased in 5/2006 not sure what loan type with origination loan date of 5/2006

Foreclosing Creditor is B of A ....NOD not filed yet.

B of A have sent a notice to homeowner encouraging a loan work out.

Listing Info: Off the Market as of today. It was listed for a brief couple week back in 6/08.

Representing Seller as a Selling Agent

Present "AS IS" CMA $200k - $210k

Property Condition : Fair to Good (Alot of remodel done prior years )

Mortgage Info

!st Chase Bank $480k payment est. $3800 5mos behind in payments

2nd B of A $150k payment est. $2000 5 mos behind in payments

2nd is a result of refinancing.

Homeowner is in financial distress as Construction have slowed down dramatically.

They are just getting by to survive. Using the rental income funds to help with their

living arrangements and daily survival so therefore they have not made any payments

to the bank since March 08. No Bankruptcy or Divorce . Both very cooperative and

expectation is to avoid foreclosure. Do not own other real estate.

Please advise asap ....

Thank you.

Norine

Robin:

I am glad you got the settlement letter. The statement you are referring to is very common. Actually, in the course, I present a similar statement sample. That refers to people engaged in fraud. That is not you. This is my opinion, not legal advice.

Oscar



At 09:37 AM 8/20/2008, you wrote:

Hi Oscar,

I have a question about this short sale I have been working on with Litton Loan since I talked with you last. Remember, I am in Springfield, Missouri, and have been trying to close on this house that had the fire damage.

Litton faxed me an approval letter for $12K. We were ready to close last Friday, but just 30 minutes before scheduled close, Litton says they had released the loan to another servicer, Real Time Resolutions, Inc., in Dallas. (we had asked for two more days which Litton had agreed upon but somehow it went ahead and was sent to RTR anyway)

I talked with them and faxed them what they needed, and today I received email from them, agreeing to $12K ---- BUT THEY INCLUDE THIS STATEMENT:

"Real Time Resolutions, Inc. reserves the right to pursue loan contract or tort claims associated with the origination or purchase of the above referenced loan or property or with the settlement, such as fraud, negligence, perjury, or any other claims. "

Oscar, I promised the seller she would not have any judgments against her, and she has no money, anyway. (she is even in bankruptcy, not released from than until 2009) I feel I have a moral obligation to her now not to allow RTR to pursue legal judgment against her.

What can I do? I was planning to call RTR and just tell them the deal wont go through this way. Do you think they will agree not to pursue it?

Please reply immediately if you can, as everyone is waiting to close on this.

Thank you!

Robin