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1099s

  • October 15, 2016 11:19 AM
    Message # 4307195

    Hello, Classmates!  Can we talk about 1099s?  I have a 2nd behind a performing first.  Senior = $350K.  FMV = $350K.  At first I thought, OK not bad, borrower may want to do a workout.  But then she provides me a copy of a 1099 showing that the debt I am trying to collect has been forgiven by the previous lender.  I am working with an attorney who says all is not lost, we can still go after the debt.    Fine, I'll probably end up paying the attorney to move forward (if nothing else, at least for the learning experience), but my question is "Is there any due diligence we can do BEFORE buying a 2nd to determine if a 1099 was issued to the borrower?"   I'm looking at buying a 2nd that Brandon Wong is selling, but I don't know him (first rule of buying = KNOW YOUR SELLER).  So, my 2nd question is "does anybody KNOW Brandon Wong, and would you do business with him?"

  • October 17, 2016 5:28 PM
    Reply # 4310327 on 4307195
    Mahir Allan (Administrator)

    Hey Donna,

    That is a great question you pointed out about the 1099.  Sometimes in notes there are documents you will not have access to.  That is some of the risk in this business. We rely heavily on the information that is recorded because we know those items to be true.  Some documents are not made available or are not recorded and at that point we need to resolve the problem on the go like you are doing.

    Brand Wong although I have not met him personally seems like a legitimate person in the industry.  He will be at our Distressed Mortgage Expo in January if you would like to meet him in person.

    https://www.eventbrite.com/e/new-jerseys-distressed-mortgage-expo-tickets-25965776336?aff=es2

     

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