Collections Of Notes
I have a unique situation. (try not to laugh)I am about to buy a note on a mobile home/land that the land has been seized and the mobile home has been demolished. Since everything is gone all I am buying is the owed debt. How much will it cost me to collect that debt through an attorney? Is this something I can get a lawyer to do on a contingency basis, essentially split what they collect? Any insight on how I can do this cheaply as I am sure I will be collecting garnishment from a McDonalds check for the next 40 years.
Thanks,
Kyle
KyleGatton,
I don't know how many notes you have purchased, but I do know this you are buying a note with no collateral, and a debtor who will file Bankruptcy the first chance they get. Alas no note, no debtor and no money.
Just the way I view it,
John $Cash$ Locke
John,
Thats the way I figured it as well. I offered 10% of anything I collect back to the original owner of the note. I dont get paid she doesnt get paid. She agreed. See what I get for kicks.
Thanks