I am new to REI Bird-Dog. I have an individual in the pre-foreclosure stages. This individual called me and needs to have $2,570 to pay the lender to the lender by 6/18/05. How can I help this individual. Fina a “hard money” lender or create a promissory note?
Any advise will be welcome.
Jaykpay
promissary note will not help.
You could get the deed to the house and then pay the mortgage payment for him.
Get someone in to the house and lease it to them and continue to make the mortgage payments via the lease.
You could get HML or cure money from a PI and they will want it back with in 3-6 months
You could have the guy sell something at the pawn shop or get a car title loan if he really want to save the house him self.
If I get a hard money loan to be paid back 3-6 months, how do I secure this money? Thanks for the info.
You could find hard money at your local REICLUB.
You could go to a mortgage broker.
Ask a friend, family professional career person.
Or just get a bank loan that has no Pre Payment Penalty this is cheaper money.