How To Secure Cash For A Foreclosure Sale
I am going to bid on a property at the auction shortly and have enough cash for the judgement, however, there is a large amount of equity and will proabably have competitors. Can anyone suggest a method of securing additional funds to be used at the auction for the purchase.
Thanks
[addsig]
If you have anyone (parents, relatives, etc.) who trust you and has money in the bank at 1%, you may be able to give them 5%, for example, for a loan.
A home equity line of credit may be the answer, but it will cost loan fees and O & E Report on top of the interest rate.
I get offers in the mail all the time from credit card companies, for example; their enclosed check written to myself deposited in my bank, clears after about two weeks and no interest for several months but then jumps to 11.9 from then on. Another offer I have now is 4.9% for the pay off duration of the amount of the three total checks written by a certain date. These two offers are for $15,000 each and have a $250. service fee. One big catch is that if a minimum payment is not paid on time, the total amount is due immediately.
Hope this helps.
Greg
Be sure to read the terms in the foreclosure notice re how soon they will want the loan paid off. Many times you only have 5 days. That means you must have financing prearanged. I have done this with private individuals giving them a high interest rate plus an upfront discount to increase their yield. That way the money was immediatly available to me.
Best of luck
Thanks for the info!
On 2003-08-12 04:06, bergvw wrote:
If you have anyone (parents, relatives, etc.) who trust you and has money in the bank at 1%, you may be able to give them 5%, for example, for a loan.
A home equity line of credit may be the answer, but it will cost loan fees and O & E Report on top of the interest rate.
I get offers in the mail all the time from credit card companies, for example; their enclosed check written to myself deposited in my bank, clears after about two weeks and no interest for several months but then jumps to 11.9 from then on. Another offer I have now is 4.9% for the pay off duration of the amount of the three total checks written by a certain date. These two offers are for $15,000 each and have a $250. service fee. One big catch is that if a minimum payment is not paid on time, the total amount is due immediately.
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Hope this helps.
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