Posted by Bud Branstetter on July 26, 2001 at 11:13:22:
I use a third party collection but I also use a Pactrust. The difficulty with a wrap can be if you publicly record it. referance all the threads on DOS.
The problem is new lenders looking at it on their credit report and saying this is a rental so we will give you 75% credit on income but 100% on debt. That becomes a .75 debt ratio. Most lenders want .35 to .45 back end ratios. I posted not long ago about trying to write a letter for a CFD, Wrap, or what there might be out there. It was not as powerful as the one Bill Gatten rights for his PT participants. A good writer may be able to comeup with a letter. Bill posted that of the 1000 or so letters they have sent out they are, as far as they know still batting a thousand. Anything that leaves existing finance in place is a wrap. The problem is there are very few loans that are NQA.