Posted by Tom-FL on March 10, 2005 at 20:32:05:
Are you even a licensed mortgage lender?
Hard money lending to Pre Forclosures in Denile?? - Posted by Tommy
Posted by Tommy on March 09, 2005 at 19:41:19:
I recently started talking to preforclosure from a new standpoint. We all know that everyone going into forclosure is in denile. They all say ive got it taken care of when in all actuallity, that is nothing close to the truth. So recently i have been approching owners from this standpoint. I am a lender and i would like to offer you a loan to get back on your feet and bring your payments current. The response i have been getting is a complete contrast to giving them a few thousand dollars and helping them repair their credit, NO one in forclosure wants to her that. I have about three people that are ready to recieve a loan. My queston is, How can i structure a loan/note/mortgage what ever you want to call it so that i can protrect my interest in the property with out being considered a preditory lender? I spoke to an investor that holds a signed deed & power of attorny in escrow when the loan in granted also that if the borrower is 30 days late on the first or second he automatcly deeds the property to himself and proceeds to forclose himself . BUt then,I also heard that there are strick preditory lending laws that if you donot follow certain guidelines as a lender, that the borrower will always win if he challenges you in court? So how do all these companys give out 2mortgages/loans ect and dont run into any problems. I would like to know where i need to go inorder to learn how to grant loans in a way that protects my interest in the property so that i can take over the first without any recorse. Can anyone can guide me to so that i can perform these type on loans correctly?
thanks Tommy in Clearwater, FLorida
Re: Hard money lending - Posted by John Merchant
Posted by John Merchant on March 16, 2005 at 13:11:56:
There are two or more separate issues to be addressed here.
First, as Tom asks, do you even have the right to “do” a home mtg in FL if you’re not licensed?
Second, how to do it safely, without it later being attacked as a predatory loan.
On the first, I’d sure want to check FL home lending laws and regs to see if you’d have to be FL home mtg broker licensed.
On the second, I’ve been watching a very smart lady in Seattle work around this legally by and with her mucho experienced lawyer, and I’d recommend anybody researching this make contact with the Seattle lady.
Rena McGill of www.myintellisource.com, or
(877)276-9164.
I really believe Rena’s real reason for being in this field is to help the distressed property owner, but with that focus, has helped structure some very safe and workable deals for the investor and a way to help that distressed homeowner.
Tell Rena I sent you, although I have no financial interest in her business or activities.
She spoke last night to our local REI group on what & how she’s doing her work. Very interesting.