Another One Bites The Dust

Some people call me "The Reaper."

Why do you ask? Because I have a large number of deceased borrowers in my portfolio. I think some investors avoid deceased borrowers because they tend to want cash flow or an easy remedy. Unless you have a connection with Saint Peter, it's highly unlikely to get a deed in lieu and it's doubtful that they will reinstate or accept a modification. There is really only one exit strategy and that is to foreclose. We took one to auction this month. It was surprising to see how many descendants were named John and Jane Doe. We paid a meager $14,000 for this First Position Lien and it sold at auction for just under $41,000. It is in Cuyahoga County (Cleveland), so the winner of the auction gets a month to pay up the tally and then it will probably be another month before we see the funds, but the rough math looks good. Stay tuned for the final breakdown.