If the guy really has a job, why doesn’t he work out a deal with the lender? Won’t the lender work with people through temporary difficulties? It’s better for the lender to keep that loan, than to foreclose and sell the property for less money, right?
Perhaps this guy is fishy…just looking for some easy cash, and is willing to put his house as collateral to get the $25K?
I’m learning so much today about this market. First, competing REOs on the same street. Now, a homeowner so dependent on MEW to sustain his lifestyle, he is willing to give the deed to his home just to get an extra $25K because he doesn’t qualify anymore for a refinance or HELOC. Either his credit is bad, as he claims, or he lacks equity, or has a prepay penalty. Who knows? Should we e-mail him, just to check out the story?
I have invested in 1st and 2nd trust deeds for years. The standard deal was 4 points and 12%. I wouldn’t even consider a deal unless it was 75% LTV in an appreciating market. The deal this guy is looking for, at 84% LTV… good luck.
Maybe there is a hard money guy that will take the four points and pawn the 12% off to some sucker that thinks he/she is getting a great return on their money… that is until the deal goes sour.
waiting hawk, yeah, let’s find out if this story is for real. If it is, and he really needs help, someone in the forums could point him in the right direction. If he’s making it up, well, then it’s a sign of the times as La Jolla Renter said.
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