I have a friend of mine that says he has an family friend out of state that works for this company that will front money to real estate investors to buy houses cash and provide the rehab money for a 50/50 split when home sales. (thats about all I know on the details) This company is “Mortgage Assistance Corporation” out of Dallas Tx. They are publically traded and buy distressed mortgages from what I found on google.com.
I can’t get my buddy to tell me weather or not it’s the company that’s fronting the money or if its just the guy using his own money and he just happens to work for this company
There was a real estate guru doing infomercials years ago with the same claim…People paid him money to become a member, but amazingly enough every deal brought to him was turned down for whatever reason (cuz he never intended to do something so stupid as to front money all over the country for rehabs that he had no control over)…
Thats my general feeling. They are not asking me for money though. This company is OTC traded publicaly…so the company is legit, I just dont know if they front the money or this guy just happens to work for them.
If you research the firm their business model is to acquire troubled assets from financial institutions, it says nothing about partnering with RE investors.
Ticker = MTGC.OB
‘Mortgage Assistance Center Corporation, through its subsidiary, Mortgage Assistance Corporation, operates as a financial services company in the United States. The company purchases, manages, and resells pools of distressed real estate secured mortgages and promissory notes. It acquires both priority and subordinate mortgage loans or liens from banks and other lending institutions. Mortgage Assistance Center primarily purchases nonperforming, charged-off, and subprime mortgages, which are between 90 days and 2 years past due; and secured by residential real estate. The company was founded in 2003 and is based in Dallas, Texas.’