Lemme ask you something. (Real life karma/ money)

[feisty11975]

That's what I'm thinking. Like I said, I had someone call me a vulture because I can do this for him, the investor will charge him what he feels is fair for the risk. I don't deal with hard money usually, I've called everyone I know and a few I don't, and this is the best I found. I just needed to be told,"Jnevin, it's all good. You're not the devil."

Just do it. You are not signing their names on the mortgage, hud and note...they know what they are getting themselves into.

 

[jafo]

That's what I'm thinking. Like I said, I had someone call me a vulture because I can do this for him, the investor will charge him what he feels is fair for the risk. I don't deal with hard money usually, I've called everyone I know and a few I don't, and this is the best I found. I just needed to be told,"Jnevin, it's all good. You're not the devil."

"Jnevin, it's all good. You're not the devil."

 

[Lestat]

jnev, i don't think there is any question about your moral integrity here, it looks like you are trying to help first, line your pockets second.

 

[jnevin]

They make the money, just not enough to get it caught up.

This should work for them. $100K in fees is a bitch though.

 

[bran987]

You would not be in the wrong, or an asshole. When deals get down to desparation time, you have to pay up.

The equity sounds like a lot of money but he's already at a 60% loan to value (and that's if you can get it appraised for the $1.85MM). Lestat, nobody is going to give him a reasonable loan like you're talking about if he doesn't have income or assets besides that equity. You're going to have to have income to pay back the loan. You are down to hard money or selling at a huge discount. IMO hard money here is the better option.

jnevin, why did he wait until 2-3 weeks before this happened if everything happened months ago? Couldn't he see this coming a couple months ago? people tend to put on blinders I guess.

I also would not try to find a buyer on EF, even if we have the best of intentions (sorry ZKaudio, nothing personal).

And I would keep the fee, it's yours. Whoever it was that said give him a break on the REFI, that was a good idea.

 

[bw1]

wow man you know your shit

i live in california, any chance you could hook me up with a forclosure deal in California? I could come in with a substantial amount of cash (100K?)

Yes bro, I could find you something I am sure. Especially in this current market. The last few years have been so hot appreciation was at a all time high. Peolpe were pulling money out like crazy. Now the market has flattened out and and some homeowners are in over there head. We also do development projects. We buy the dirt, with our partners and investors. Get the entitlements done(ready for a sub division) then sell. Investors are making up to 12% on there funds. I'll shoot you a PM when I get a chance.

 

[feisty11975]

They make the money, just not enough to get it caught up.

This should work for them. $100K in fees is a bitch though.

I could not imagine paying $100k in fees for a home loan. phewww that would hurt! lol

 

[Lestat]

agree with not trying to find a buyer on EF. its bad enough that people try to find significant other's here, and with one big exception (props to lum and smurf) we all know how that turns out

 

[jafo]

I could not imagine paying $100k in fees for a home loan. phewww that would hurt! lol

with a loan amount @ 1.5 mil it is not hard to get that high in fees ..that would only be around 6.7% of the loan (points) most Loan officers try to make 3 -4 points plus fees on every deal

 

[bw1]

Just do it. You are not signing their names on the mortgage, hud and note...they know what they are getting themselves into.

Carefull their FIESTY. This could be considered PREDATORY LENDING. A good lawyer could eat him up if things got ugly. They could claim anything, like he waited to long and they ran out of options. Not likely but thing get nasty when there's this kind of money involved.