Bank Credit Lines

Anyone knows of a bank that will allow me to put say 100k in the bank and them give me a credit line say 3-5 times that amount? Thanks

Comments(8)

  • NewKidInTown321st July, 2009

    Banks generally want to see some margin of equity to mitigate the risk of making a loan. The bank will give you 80% of the value of your primary residence in a refinance to insure that there is some safety margin against a loss if you default and they have to foreclose.

    If the bank gives you more than the collateral is worth, what is to stop you from just taking the money and running ?

    I doubt very seriously you will find a lender willing to take such a loan risk.

  • ITBInvestor21st July, 2009

    You are about 3 years late.

  • ITBInvestor22nd July, 2009

    "...there is a long story attached as to why this is a must have note for me." To clarify, you must have the note, not the property, right?

  • bargain7622nd July, 2009

    At the Sheriff Sale, you are buying the property, not the note. There is no problem with ethics to inquire or determine the price the Plaintiff will ask at the sale.

    But you WILL have to outbid other investors to buy the property. Many, many games can be played to discourage other investors, however. NONE of which can be detailed here!
    [addsig]

  • NewKidInTown322nd July, 2009

    If HUD has the note now, the bank is out of the picture.

    You may still get a chance to buy the property at the foreclosure sale.

  • cjmazur23rd July, 2009

    banks have no reason to discount notes that are insured.. Other that the say, 20% they are at risk.

  • NewKidInTown34th August, 2009

    FHA loans are insured for the full balance of the loan. In the normal course of events, the lender that holds the note would file a claim with the mortgage insurer once the note went into default.

    The insurance claim would be settled after the foreclosure sale. If the property does not sell at the foreclosure sale, the lender can assign the note to HUD and take the insurance settlement. Once the foreclosed note is assigned to HUD, HUD has title to the property.

    If the property sells at the foreclosure sale, the winning bidder is buying title to the property, not buying the note. The lender will release the lien on the property in full satisfaction of their note.

  • fanelli194th August, 2009

    Quote:
    On 2009-07-23 18:54, cjmazur wrote:
    banks have no reason to discount notes that are insured.. Other that the say, 20% they are at risk.


    I am sorry, what did you mean to say in the last part of this reply?

Add Comment

Login To Comment