Posted by JESSE on July 26, 2001 at 12:30:38:
TELL NEW RENTERS THEY NEED TO BE PAID IN FULL BY THE FIRST OR TELL THEM YOU WILL GIVE THEM A 10% DISCOUNT IF THEY CAN PAY YOU FIRST MONTH LAST MONTH AND SECURITY BY THE FIRST. YOU COULD TAKE A CASH ADVANCE ON A CREDIT CARD OR QUICK PERSONAL LOAN FROM A BANK.
OR IF YOU HAVE EQUITY GET A QUICK HOME EQUITY LOAN. OR REFINANCE A CAR OR BOAT WITH A BANK.
Need help to save a forecloser - Posted by Jon Tedesco
Posted by Jon Tedesco on July 19, 2001 at 20:25:08:
I have a land contract on a single family home I put $150,000 into. It is valued at $550,000 with a $392,000 first. I have until December 2001 to get a new first and record but just learned the seller stopped making payments a few months ago and the house is in forecloser. I need $20,000 to catch up payments or help in getting the first ASAP with slow credit and no income verification. All my net worth is in a startup business and I am willing to use stock in the business as a kicker.
Re: Need help to save a forecloser - Posted by Richard Rynkowski
Posted by Richard Rynkowski on July 22, 2001 at 23:28:59:
Sounds like you are probably getting some good information but its going to be hard to get the Seller to turn over the deed without some cashout.
I may offer a suggestion if you plan on buying another property on a land contract. “Trustee” For a small monthly fee you can have a trustee (real estate attorney etc.),handle your payments and payments for the seller to the lender. A small price to pay. You pay the trustee, they pay the lender and either escrow the difference or send the balance to the seller.
Re: Need help to save a forecloser - Posted by Bruce Lawson
Posted by Bruce Lawson on July 20, 2001 at 21:14:39:
The two easiest items to repair on a credit report are late pays and repossessions. This is mid-June those lates can be repaired well before December,and get you the loan you need.
Re: Need help to save a forecloser - Posted by Angel Gutierrez
Posted by Angel Gutierrez on July 20, 2001 at 11:17:15:
You can make this deal happen fairly easily.
One, your seller gave you the shaft and all bets are off…meaning, time to renegotiate.
I’m sure you’re angry at mr seller, that’s good , and he feels like a turd. Right? Use it to your advantage!
It’s time he hands over the deed and then you deal directly with the lender, get them to either do a forebearance or a workout where they attach the backpayments to the back of the loan.I don’t like that , but if push comes to shove, I’ll do it. When you do this, get your sellers’ info like SSN and loan # because the lender with want to know who you are. I usually just pose as the borrower and go from there.
Once you have the deed, you’ll be in a better position to to refi or sell or something of the sort.
The info I’ve given you is short and sweet, so let your mind fill in the blanks.
Believe it or not, but this guy has done you a favor.
By all means, keep your cool and don’t let your emotions run away with you. You are in an excellent negotiating position.
Go get 'em and let me know what happens.
Re: Need help to save a forecloser - Posted by sfshadow
Posted by sfshadow on July 24, 2001 at 12:15:42:
I am about to have two mortgage late pays if I can’t come up with 5K by the end of the month. This is on a rental where both big units went vacant at the same time and new renters aren’t coming in until 8/15. Suggestions about repairing credit and creative thinking would be great. thanks