I need companies that sell defaulted morgages in CA.
2007-06-26 13:55:22 · 2 answers · asked by Dmitry M 1 in Business & Finance ➔ Investing
You are going to have to pay more than the foreclosure value, otherwise they will foreclose themselves. You will not be able to borrow to support these so your investment will be equity, if the loans have private mortgage insurance foreclosure is required.
It would be cheaper to bid at foreclosure sales than to do this since you would also have to be a regulated lender by law. You will have to meet California's minimum unimpaired capital requirements or pay the existing institution to manage the accounts for you, which defeats the purpose.
2007-06-26 14:05:16 · answer #1 · answered by OPM 7 · 0⤊ 0⤋
Buy lottery tickets instead. You chance of winning is virtually nil, but you'll lose less money that way!
2007-06-26 14:29:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋