All Forum Posts by: Chris Sanders

Thanks for the input Ryan. I agree, I'm not sold either. These types of questions are exactly what my clients would be asking me and I don't have answers. Maybe Graham could elaborate. I'm sure it's probably on the up and up but convincing an American buyer would be difficult...

Graham,

My question is not whether this will work, but what level of protection is offered from a loan like this. Do federal and state laws regarding real estate apply to a foreign bank? What if someone goes into foreclosure? Are they subject to the bank rules or US law? The legal aspect is my biggest concern...

Thanks,

....or is that a conflict of interest, you being moderator and all. :)

LOL! No kiddin'. I imagine you come across some doozies! We should chat some time. I have a great equity participation deal for developing that can't be beat. Maybe you know of some deals....

Thanks,

Wow. I can't believe what I just read. I'd love for a foreign entity to have 1st lien position on my property. And invest in a mortgage where they US laws don't apply. Sign me up!!!!

By the way, Joshua, not simply trying to plug myself. I just want people to get paid for what a deal is worth!

Hey guys gals,

Not trying to rip on birddogz.com but let's be real here. You can make much more $$ if you simply invest some time. All they are, (speculating), are probably a some group (one dude) that got together and created a site to funnel deals through. I'm a mortgage broker and I come here to look for deals all the time.

Say you birddog a deal for them...are you getting paid for what it's worth? Probably not. You find a good deal, do some home work. Post it yourself to the various REI sites, like this one. What do you need them for? If you're getting paid $1K, $5K, from birddogz, guess what they're making.

Take the initiative, do it YOURSELF!

My 2cents....

Shameless plug: You got a deal you don't know where to take, run it by me. I'll go 50/50. Maybe 40/60 you. Who knows. What matters is you find someone that knows where to take a deal and get paid for it!

Best of luck!

You know the old cliche. If it's too good to be true...

Not to say these types of deals can't be found but I'd double your DD efforts.

I guess the first question is how long do you plan to stay in this home? If the answer is more than say, 4 years, you should most definitely refinance. The other question is, can you afford the new payments? What if it goes to 13.5%? The last thing in the world you want is a late payment on your mortgage. Besides dragging your score down, this is the most important thing lenders look at. Would the pressure of higher payments make it more likely to cause a late payment? Also, there's no reason why you should have to pay $5K in closing costs on a $125K home. You're probably looking at closer to $3K.

It's all a question of what rate you can get now. From what you've stated, if you can go Full Doc, you'll probably be in the 9's. Could be lower but there's not enough information to go on...

Hope that gives a little insight...Good Luck!

BTW, if you want me to look further into your situation, shoot me an email with your # and we'll talk.

Regards,

That's a possibility. If they want to sell off the lower interest loans to go after new paper, there may be a problem. I don't believe they would call it due though. They'd probably force him to return it to his name so it could be sold or threaten to call it due. As I said, there can be problems. You have to weigh then against the benefits of keeping it in an LLC...