Posted by David Alexander on March 21, 2001 at 10:00:58:
I think he means buying paper from the banks or individuals, not having the banks buy the paper.
David Alexander
BLOWING SMOKE OR? - Posted by Steve
Posted by Steve on March 21, 2001 at 08:55:42:
I have an acquaintance who supposedly has many years of banking under his belt. He told me if I can bring cash to the table that he could guarantee very profitable deals through his contacts.
He would simply call these “contacts” and tell them if they have a foreclosure that has $30-$40 thousand equity, he will buy the loan. I’m having a hard time understanding what their motivation would be to turn loose of such a big chunk of equity.
Another quick question: Which type of foreclosure(judicial or non judicial) can a deficiency judgement be awarded?
Thanks for all the help, great Board!!
Steve
Nothing new… - Posted by David Alexander
Posted by David Alexander on March 21, 2001 at 09:59:42:
buying paper to get at the house is as old as the hills.
You buy the paper and then finish the foreclosure yourself.
If you go like this and it hurts, dont go like that… banks dont want the pain, they are in the Cashflow business or servicing business, not the house business.
David Alexander
Re: BLOWING SMOKE OR? - Posted by Ed Garcia
Posted by Ed Garcia on March 21, 2001 at 09:12:42:
Steve,
I think the idea sounds great in concept. But in my opinion, he’s blowing smoke. The reason I say that is because I can’t imagine a bank buying a delinquent loan to sell it to you. What if you decided not to purchase it? Now it would seems more realistic if he told you that he has some contact with delinquent loans that he could turn you on to.
Regardless of my opinion or yours Steve, I would give the man enough rope to hang himself. I would tell him lets do it.
Ed Garcia