Ok I have not funded any of my own SS as of yet. Most of the time I flip to and end buyer. So here is my question. Lets say I have a property with an ARV of 100k I offer the bank 30K to satisfy the mortgage. Now could I have a P&S set up this way…keep in mind the property is now in a land trust and I am the trustee and have a assignment of beneficial interest to my company. Could I have the Trust sell me the property for say 50K. Then payoff the lend 30k keep 20k at close. Not sure if this can be done.
First I would read up on lender fraud… The key to making sure there isnt lender fraud taking place is full disclosure on the HUD1.
The second key is if you think its fraud its fraud… If youre afraid to disclose everything then dont do the deal.
Lastly at 30% value most HMLers will give you 50%…