All Forum Posts by: Richard Dunlop

Why would they fire such an inovative loan officer?

Had to be something more than just the fraud, lying, and falsifying documents listed above.

Here is the second monthly article by National Geographic

Some Bad Some Good

http://www.nationalgeographic.com/taking-back-detr...

 Absolutely! Did one party bring a smoking deal to the table? Did they have time or marketing costs involved in finding it?

Or is this just a so-so deal that you could find 10 more like it tomorrow?

Is one party an expert in some area that benefits this transaction. Or you both trying to figure it out together?

If the money partner were to drop out would others be clamoring for a chance to invest? Or would they look it over and walk away?

I was not trying to write up your JV agreement for you but just get you to realize there are lots of factors in what you are proposing.

The correct answer is to meet up and understand what each person is expected to do and how it is going to be handled if things don't go as planned.

Then reach an agreement where both sides are happy! Now and After the deal is done!

Is the investor used to earning 1% or 30%

Who is assuming the risk.

Is the worker working 10 hours or 1000?

There is some value to each contribution before there is any profit!

You might be able to keep the Foreclosure off of her CR.

1999 days is 5 1/2 years! If there is no Court action the loan itself would possibly be removed after 7 years from the first delinquency that was never again paid current.

Her credit today is less than Zilch!  But a judgment of any kind would add a new negative that would likely remain for 10 years.

Here is where I don't know the part about how a short sale reports and whether it would also disappear at the 7 year mark. (From the original delinquency)

But as Steve says above What did she do with the $80,000? 

Is the investor also being paid interest for the money?

Is the worker being paid for his labor?

You can contract to buy any property at any time.

If you explain in detail your situation, you're likely to get helpful advice. 

Foreclosed by who?

The situation in Detroit is the assessments are done at the city level then the appeal is done at the city level then the county level. At that level they pretend it's fine; both the city and Wayne county are financially strapped and want to preserve the fake values.  When you get to the state level Michigan as a state is not doing as bad and they try to fairly assess the value of the property. It will be lowered at that level.