Posted by CarolFL on June 13, 1999 at 06:32:17:
Mike, I am no note expert, however, if you read some of the threads below you will note (no pun intended) that 100% LTV does not make for an enticingly saleable note, even with great credit.
Hopefully you will get more suggestions but that part of it is fairly easy to answer.
Good luck!
Carol
Is there a way to help? - Posted by Mike
Posted by Mike on June 11, 1999 at 21:01:28:
I was wondering if I could use notes to help someone get out of some financial trouble. Say for example, a person has over obligated themselves with credit cards and is behind in their payments ( including their house pmt ). Is possible to do this with 100% LTV? I realize that this type of person is not going to have the greatest credit in the world due to their recent pmt history. Otherwise they would is possible to consolidate all of their debt into a note on their home and pay off their debt for them while not putting any money into the deal myself? Do a simulaneous close and sell the note to a note buyer. Is it also be able to go to a conventional lender themselves and do the same thing. Any thoughts will be of great assistance. Thanks in advance.
Mike
Not very likely - Posted by John Behle
Posted by John Behle on June 14, 1999 at 19:10:06:
As Carol mentioned, high LTV notes are hard enough to sell even with a “performing” note and good credit. It works fine if they have some equity, but not with a 100% LTV, bad credit and default to boot.