Private Lender Same As Bank Foreclosure?
Would you treat a private lender foreclosure the same as a bank foreclosure when attempting to purchase the property subject to? 
Would you treat a private lender foreclosure the same as a bank foreclosure when attempting to purchase the property subject to?
yes, though the private lender most likely doesn't have the experience of having to go through a foreclosure. He / She may need to be walked through a bit, and may need a sales pitch.
Quote:
On 2003-09-12 16:19, 64Ford wrote:
yes, though the private lender most likely doesn't have the experience of having to go through a foreclosure. He / She may need to be walked through a bit, and may need a sales pitch.
Thank you 64Ford. However, I mean as me on the purchase end. Wouldn't a private lender be more apt to call the note if it had a DOS clause?
I would think a private lender would be easier to work with.
If the private investor only wants a return of the interest rate, I'm sure he/whe will work with you.
The only way you can find out is to try.
Hope This Helps!
Mrs. Meltzer
Thank you, MrsMeltzer!
I'm gonna! Would you do a subject to for the PL like you would the bank?[ Edited by gold on Date 09/12/2003 ]
Sure, a subject to would work. The worst they can do is foreclose and you'll have to pay the loan in full.
It really depends on the Private Lender. I'd call them and get a feel as to what they would do in different scenarios. They may even be willing to take a discount on their loan. It seems like there are having lots of problems and just want to get back any money they can, so a shortsale might work.
Hope This Helps,
Mrs. Meltzer
Appreciate it, Mrs. Meltzer. Very good point. Don't know til you try..!
gold