New Home Buyer Help
my fiance and i just bought a house here in suburban houston texas. and because houses around here are built in three months or less, our $10,000 down payment is going to be an incredible task by the time august comes around (which is when the wedding is). is there anything out there that can delay or reduce the 10K? or even yet, is there a safe/secure system i can earn profit from and that is of recommendation...be it real estate or something else?
renegade4e,
Sorry, I just realized that I assumed you were female (I have no idea why). So, if you are male, then my advice is to marry a rich woman!
Okay...I gotta stop given out advice! Please ignore my posts from here on out!
Take care,
Andy Gibbs
[addsig]
Quote:
On 2005-04-15 02:10, SantaClarita wrote:
renegade4e,
Sorry, I just realized that I assumed you were female (I have no idea why). So, if you are male, then my advice is to marry a rich woman!
"fiance": A man to whom a woman is engaged to be married. So unless renegade mis-spelled, I think you assumed correctly, Andy.
Terry,
There are several factors that impact the value of the note. Some are specific to the note, some to the history and some to the borrower. Hence you can not completely tailor the note to maximize the value.
Type of property securing the note, interest rates, term of the loan, LTV (especially the amount of cash the borrower came to the table with) and the seasoning plus payment history are the key factors for the note itself.
As you wanted to minimize the down payment you are be design reducing the value of the note.
John B. Corey Jr.
sanjosee
Very interesting. How do you find the defaulted paper?
OK Chet, what does CMO stand for?
too much lingo perhaps. CMO is colteralized mortgage obligation. It the security that banks and other institution create to sell to investor. Then there is a 2ndary market for CMO, just like bonds and CDs.
So My Idea was if I have say, 20M (not hard in CA) worth of notes that I purchased and are now performing, could I partner w/ on of the small financial insitution to create a CMO?
If they were bought at a discount, the yield could be bumped pretty good.
John,
would you mind sharing where all these buyers are and how they can be taped?
Commercial King,
I find defaulted paper 2 ways. First, by subscribing to foreclosure & default lists in the geographical area I am interested in. Then I have my staff look for gold by doing a cursory title search. Then call the lenders & start asking if they would consider being cashed out of their note.
The second way & less lucrative, is just making contact with brokers who specialize in selling defaulted or non-performing debt.