Note Buying, Refing, Please Look At My Plan
Hey everyone,
This is my plan, please tell me if this is ethical because i have never heard of anyone else doing this:
I contact note holders of single family residences and offer to buy the notes at a discount, 5%, 10% whatever, it will be a pretty big discount.
Once i know they are motivated to sell their paper, i ask permission to contact the homeowner, then using my knowledge as a state licensed mortgage broker, i determine if they could benefit from a refi. If they can really benefit from a refi (consolidate debt, lower rate etc..) i buy the note, then myself or a colleague will refi the homeowner out of the loan, where i get cashed out and the difference between the note value and what i buy it for is my profit. Thoughts please........
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