What Is The Best Way To Get Cash From A Credit Card?
I have a buyer who has a $25k credit limit on his credit card with a $4k cash advance limit. He needs to pay me $14k. What is the best way to take advantage of his credit card and get me paid? My idea was to use it to buy gold American Eagle coins and then resell them for cash, but most places only allow up to about $1,500 of the gold sale to be paid by cc.
Leaseoption, are talking about through paypal or do you have a merchant cc processing setup?
Have him call the CC company directly and request a balance transfer to pay off the debt that he owes you. The CC company will send a check directly to you. The balance transfer limits are based on credit limit - not cash advance limit
I would create a Paypal account and then use it to pay the amount you need to whatever account it needs to go to, either by sending the funds or buying something from yourself.
[ Edited by commercialking on Date 04/25/2008 ]
IRS says person A can gift Person B up to 12k per year tax free.
if there is more than one seller each can gift you up to 12k
give it a try it may work
Do some "consulting" and get paid a consulting fee.
The promisory note smacks of bank fraud.
in more friendly credit time, I have said "CASH", and then financed the property w/ a 45 day escrow.
if You are thinking to sale de property, make sure the realtor knows how to work with short sales, but you can call the banks and ask for a short sale package so you will know what papers you have to submit them. at this time normally banks are willing to accept short sales and the diference some of them is write it off as lost but other report to the credit agency and you credit will show this information. again if you wants to sale look for a real estate that can help you with this process. God Bless You.
Quote:
On 2008-01-15 12:32, ypochris wrote:
Another alternative would be to refinance to an investor loan and rent it out. You should be able to get about 7.25%, which would bring your payment down to $2500 a month plus taxes and insurance (and no doubt PMI). I would think the holder of the second would be happy to do this if it were presented as an alternative to foreclosure.
Chris: I was under the impression that it is impossible to get a loan for 135% CLTV. How would refinancing be possible? Is it possible to refinance only the 1st into a fixed loan without the requirement for a new appraisal?
have you contacted the banks for a workout? I have not heard of a bank doing a short sale, prior to being delinquent on the loan.