EAC Community Weekly Newsletter

Nathan Turner

325 Cedar:
After getting the house cleaned out of all the trash that was left over the house is now listed and can be seen here http://galmls.paragonrels.com/publink/default.aspx?GUID=4a852c07-514e-447c-a979-40cb48eca70e&Report=Yes

3539 Judy:
The breach letter for this loan expired on Aug 5 and a referral to a local attorney was sent on Aug 8 to start the forfeiture process. That process will take 3-4 months at which time we'll sell the property.

2275 Union Ave:
Servicing on this note transferred to Peak servicing on July 22 and a breach letter was sent on July 28. The breach letter will expire on Aug 28 and if we have not heard from the borrowers we'll continue with a cancellation of contract and take the house back.

510 High Grove Ave:
Last week the borrowers called me anxious to get their down payment and first month's payment in but I was away on vacation and not able to help them get that done then. I took it as a good sign though that they proactively called about wanted to pay us!
I have spoken to them this week and they are getting all set up with Peak and are making their payment tomorrow. Once this note has been performing for 4 months I will contact one of my note buyers and we'll sell the note for approximately 80% of the unpaid principal balance for a very nice payout. We also get to keep the down payment and the monthly payments that were made in the meantime.

4113 Huston Ave:
Servicing on this note transferred to Peak servicing on July 22 and a breach letter was sent on July 28. The breach letter will expire on Aug 28 and if we have not heard from the borrowers we'll continue with a cancellation of contract and take the house back.

Other updates:

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