Posted by Barbara_NY on June 21, 2001 at 17:26:59:
I concur completely.
Bailing People out of Foreclosure - Posted by Rich
Posted by Rich on June 20, 2001 at 16:22:04:
Just a real quick question:
Has anyone ever bailed an owner out of foreclosure by lending them the amount of attorney fee(s) and getting them caught up on their payments?
If so, can you protect yourself by placing a lien on the property or something?
How would one structure this?
Re: Sure - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on June 20, 2001 at 19:17:30:
You can front up all the cash to rescue them. Then you can create a mortgage and a note to secure the money that you loaned them. This can and should be recorded, you will then have a second mortgage on the property.
The question is this, if they could not or would not pay one mortgage; well what makes you think that they will pay two?
Re: Sure - Posted by Rob FL
Posted by Rob FL on June 21, 2001 at 06:50:53:
I also think this is what Congress calls “predatory lending”…bad idea.
Get the deed and if they want to stay let them rent from you with an option to buy.