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Updated over 9 years ago,

Damean Townsend's profile image
Damean Townsend's profile image
Damean Townsend
  • Investor
  • from Troy, New York
  • Member since Mar 21, 2015
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User Stats

7
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1
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Damean Townsend's profile image
Damean Townsend's profile image
Damean Townsend
  • Investor
  • from Troy, New York
  • Member since Mar 21, 2015
Connect
Damean Townsend
  • Investor
  • Troy, NY
1
Votes |
7
Posts
Creative Real Estate Financing

Mortgage/Collateral Question

Damean Townsend
  • Investor
  • Troy, NY
Posted

I have read many years ago of a way to get a bank to loan you money based on the property as collateral. The deal would be a purchase for "a dollar" from the seller. We close. A loan for the purchase price of let's say $50,000 from the bank. I, the buyer would hand over the real purchase price of $50,000 to seller. Seller walks away and I have the property. This was legal years ago in New York state. Is this the correct steps? And is it still legal?

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