All Forum Posts by: Frank White

Is it true that lenders look for your business to be listed in all major directories before they consider you for financing?

(Lets assume that personal credit, trade references are all sufficient)

See Josh, that's why I like to explain things person to person. Sometimes people believe that what they know is all there is to know and in my case that's simply not true. Besides being a RE investor I work with a reputable attorney and company who purchase debt. Legally this debt can be assumed by anyone as long as the debt is cancelled/forgiven by the creditor. At this point the creditor is free to assign the debt to anyone who wants to assume that debt.

It is perfectly legal and above board for an individual to assume a note just as compaines are able to.

The creditor benefits because the note otherwise non performing becomes a performing not and as long as the new debtor can afford the monthly payments they benefit from a "tradeline" that reflects positively on their credit.

Of course, if they miss a payment then it reflect negatively on the report.

it's really as simple as that.

Frank

you sure you couldn't help him with a couple of business references Marc?

cliff,

there are other legitmate ways to increase your credit score. if you have some time, PM me and I will be happy to explain.

focus beyond,

the end buyer's/final buyer's lender is only concerned that the trustee has legal rights to sell the property. since it's in a trust they do.

some sort of document that proves this is a condition that must be filled before the lender will lend.

as some have noted, the key to getting a deal like this done is a title company and attorney that have experience structuring these deals. It's not one that is done every day b/c as someone said b/f the end buyer is usually a cash buyer or the end buyer usually pays the assignor a fee up front instead of the assignor's fee coming from the end buyer's lender's fund..(that's a mouthful)

is it possible in your experience in short sales to have the seller quit claim the deal to you? or someway add you to title?

this would clear up the title issue and allow a traditional end buyer financing.

I'm working with a bank that will not allow me to assign a contract on an reo but they will allow me to buy using land trust or llc.

I have very little experience structuring a deal this way but:

will using a land trust allow me to close with the end buyers funds? and then I take those funds and pay the bank???

how can I show title to the end buyer's lender and let them know I have an interest in the property and able to sell?

need help asap

thanks

my company Guterman Partners (www.gutermanpartners.com) works with foreign national investors on or condominium/ pre construction projects nationwide. If anyone has any questions please feel free to ask..

it's a great time to get into the U.S. market. as values continue to fall a 40% discount on todays prices = an 80% discount as the market turns.

you guys have a great advantage

"If your want someone in for the long term you need to think of a difference relationship. More of a partner or even a property manager that is paid when a unit is rented. "

Great point John...

a SELLER is selling a property. the home appraises for 200K however the SELLER only wants 170K. A BUYER wants to come in and buy the property and use the unwanted portion of equity (30K) to put back into the home and raise the value then resale. the SELLER agrees to forward the equity to the BUYER and everything is disclosed on the HUD in the form of a 3rd party credit for 30K. is the seller responsible for taxes on the 30K? who is?