Assignment of a Second - Posted by karp

Posted by Tony on December 01, 1999 at 22:20:58:

Hey John:

If you are not interested. I’d definitely like to take a look @ it as well.

Assignment of a Second - Posted by karp

Posted by karp on December 01, 1999 at 21:47:14:

Man, this is a weird dilemma to be in:

There is a lender her in Utah who does a lot of Equity Lines. These are 2nd position lines of credit. I found out a while back it is their policy when the first in front of them is foreclosing, to transfer this loan into their unsecured loan department and then possibly do a charge off.

The wild thing about this is that I know it is their policy NEVER to bid at the auction.

Okay onto this deal.

I bought a 2nd from them for 29 cents on the dollar. I would then reinstate the first, let the guy keep his house, make a great return and blah blah blah.

Now it turns out the guy is REALLY sketchy. He lied about where he worked, what he owed, etc. When I called him on it, he said “What I wrote is what I wrote and I ain’t changin a thing.”

Not the best thing to tell the guy saving your home.

So, I am not as inspired to deal with him anymore.

HOWEVER- I must say it is in part due to the fact that the fools and greater fools at the auction will bid this property way past the first and I stand to make a huge return on my second in the matter of a just over a week.

So- I can stay with this guy, give him the benefit of the doubt, work past whatever fear is causing him to lie and get paid off in a year. OR I can let him burn and make money now…

Weird how life works, innit?


Karl Hartley

Sell me the note. - Posted by John Behle

Posted by John Behle on December 01, 1999 at 22:12:30:

Then you can make a really quick profit. :slight_smile: