Foreclosures - Posted by Jamie_Ga

Posted by RRSmith (future author?) on December 04, 1999 at 13:28:07:

thanks for the post karp, I believe you just put about four chapters
of the foreclosure book into one page with that last post!?

Foreclosures - Posted by Jamie_Ga

Posted by Jamie_Ga on December 03, 1999 at 20:52:42:

I am wondering if trying to structure a few deals in this way would be a good idea, If I find owners willing to let me save their credit by stopping foreclosures, Can I then obtain hardmoney to stop the foreclosure pay off the liens and flip the property, I know that there may be a month or so of interest payments on the hardmoney, Is this a smart way to structure these deals or is there a better? And also if there is a second on the property once wont it be invalid once the property is sold at the courthouse steps? And if so doesnt that make negotiating HUGE discounts on these notes possible before I take title?

Thanks alot!!!

Re: Foreclosures - Posted by karp

Posted by karp on December 03, 1999 at 21:11:21:

I am wondering if trying to structure a few deals in this way would be a good idea,

sure

If I find owners willing to let me save their credit by stopping foreclosures, Can I then obtain hardmoney to stop the foreclosure pay off the liens and flip the property,

sure

I know that there may be a month or so of interest
payments on the hardmoney,

maybe several months- be carefule here- do your homework

Is this a smart way to structure these deals or is there a better?

yes- a better way would be get in early enough that you can discount the second so that it now becomes and attractive deal for a buyer and flip the whole thing way before the courthouse sale AND without ever putting a dime into it. In this case I just have them Quit Claim it to me

And also if there is a second on the property once wont it be invalid once the property is sold at the courthouse steps? And if so doesnt that make negotiating HUGE discounts on these notes possible
before I take title?
yep- and even if you DON’T take title…

Thanks,

Karl Hartley