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?
Thanks,
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. 