Why is Everyone Using Transnational Funding You Dont Need IT

[Jeremy Tillotson]

Okay first I am writing this in response to a few post I have read. Secondly you must read this post all the way through, and most important I am not a attorney nor giving legal advice. 

I hear about transnational funding, they give you money to close for a few hours or so and charge a couple thousand dollars, man this made the GURUS some money.

Better Idea, your buyer knows you are a wholesaler. Explain to him/her that you can save them a thousand bucks if they help you. They wire their money to escrow like they normally would. They have you sign a promissory note and mortgage for 30 days on the property you are about to sell them, so its your money now. You close the property walk to the other room and sell them the property paying off the mortgage. Its basically what the lending company is doing and charging you thousands you then have to pass to your buyer why wouldn't they go for it.  

[Jeff S.]

Originally posted by @Jeremy Tillotson:

What does a bank do when you purchase a property. Exact same thing.

Well, not exactly. No bank or title company will permit a mortgage to be recorded unless they are assured that their borrower has clean title and a previously recorded deed to the house. In this case, you have neither.

What it appears you have is an improperly recorded mortgage against no ownership (i.e. no previously recorded deed) in the property. I assume you did this yourself since there's not a title company in the world that would participate in such nonsense.

You'd be in a world of legal hurt if I were the owner of this home and you convinced someone to loan you money secured by my property. I don't know whether it would be me or your buyer/lender (blender?) who would be more upset, if they understood this.

Can you imagine what would happen if your buyer chose for some reason to foreclose their lien on a property you don't own? I understand your intentions, but this could easily be construed as fraud.

Be thankful you didn't get caught, Jeremy.