WARNING, don’t walk RUN FROM THIESE PEOPLE!

The unscrupulous investor will:Have the homeowner sign a Quit Claim Deed in which the homeowner signs over their ownership in the property.Fail to explain to the homeowner that they, the homeowner, are still responsible for the mortgage.Fail to warn the homeowner that they could be violating their “due on sale clause” with their lender.The homeowner is usually elderly or part of an at-risk population (English isn’t their first language, disability of some kind, etc.).The Division advises the following when it comes to these types of rescue transactions:Don’t sign any documents or a deed to anyone until you have had a chance to talk with your lender and an attorney about your mortgage obligations and your legal rights.Colorado has a Foreclosure Protection Act that affords you certain rights when you are financially distressed.It’s best to take proactive steps when you first start having financial problems, and here are some resources that you can contact:Colorado Housing Connects – Colorado Foreclosure Hotline – Colorado Bar Association “Find-a-Lawyer” – Colorado Legal Services – Disability Law Colorado (Formerly The Legal Center for People with Disabilities and Older People) –  Subscriber Services:Manage Subscriber Preferences | Help POWERED BY Privacy Policy

@Tyler Warne  Yes, I know of (at least) two lenders offering non-QM loans based on short term rental income - they will take a 12 month average based on documentation from online services like AirBNB. 

I even warn tenants during the lease signing that, if they ever hear the toilet running and not stopping, to call me immediately during business hours. 

There were plenty of people on this forum, who treated those of us warning newbies, like we were party poopers and fools for trying to stop the Brian Page types from jumping in.

OK everyone listen very carefully.And let me warn you all.

Make sure you put a big warning on top about only using HE soap if it’s a new model. 

Fair warning - I have no personal experience of using these loans, just know what I know from word of mouth. 

Dominguez) Be warned!

I have gone to two seminars from TV flipping stars out here in Southern California and can warn you that they are nothing more than an entertaining show and high pressure sales pitch to get you to buy their full plan (which others that go through it rate very poorly).