Posted by lukeNC on April 05, 2006 at 20:31:58:
They dont work that way…
Gotta get 'em on your own…
mortgage fraud aint all bad… - Posted by lukeNC
Posted by lukeNC on April 03, 2006 at 20:04:51:
I’m set to close on a set of 22 homes owned by 2 investors who were scammed.
All were loans less than 2 years old. All of the properties are old, beat-up homes in the $60-$90k range which were grossly over-appraised, some by more than $60k.
All the homes are financed by the same lender. I’m set to make around $3500 on each one, selling to 4 rehabbers on all cash deals.
So, it aint all bad… 
Re: mortgage fraud aint all bad… - Posted by dealmaker
Posted by dealmaker on April 03, 2006 at 22:10:49:
So either the bank is taking a shell of a beating on these short sales, or these all cash investors are either dumber than the bank is?
dealmaker
the former is correct - Posted by lukeNC
Posted by lukeNC on April 04, 2006 at 24:03:03:
the bank is taking a huge beating…they want out NOW.
It’s a somewhat smaller bank in GA which held all the loans.
Re: the former is correct - Posted by Joe
Posted by Joe on April 04, 2006 at 12:11:58:
Wow, that sucks for them. But this is a great chance to build a relationship with that bank. Next thing you know, they could be sending you leads on all of their non-performing assets. I’d take this chance and run with it!
I wish - Posted by lukeNC
Posted by lukeNC on April 04, 2006 at 12:30:23:
unfortunately they are pulling out of residential real estate lending, thats why they’re selling out so low.
Re: I wish - Posted by rm
Posted by rm on April 04, 2006 at 15:43:30:
That doesn’t mean that the contacts you’ve established can’t put you in touch with some insiders at other financial institutions, does it?