Is Anyone Familiar With TCS Foreclosures
TCS Foreclusres has been calling offering my to buy into their company for $7,500. They claim they specialize in Short Sales and Loan Modifications. They claim to have 9000 cash investors who are willing to buy short sale properties from researchers(which woulb be myself). They also claim to have a legal dept. that will modify loans to help people stay in their homes if possible. They offer commissions on modifications and short sales.
They seem to have a good business model, but I dont know if they are legitimate. Has anyone heard of or done business with them.
Thank you for your responses.
DFincher0809, it has been a while since I looked at them but the thing that bothered me about their investor network "system" is that there is no guarantee that their cash investors will fund anything you, as a property researcher, bring to the table. You can do everything "right" in getting a good deal, but you still need to convince them that your deal is solid. They advertise they need "all properties under contract at 50 to 80 cents on the dollar or less (INCLUDING REHAB)." I decided to put energy into finding a commercial lender and finding my own investors... which is working out Ok for me.
$7,500? Seem kinda high? Probably not if you use them enough. I told them I would pay after I did the first deal with them. They refused. That was that.
Thank you all for the feedback. Sounds like one of those companies who prey on people who are anxious to get into this business. That $7,500 will go toward a down on a rental property. Thanks again
No other comments. See also http://www.biggerpockets.com/forums/92/topics/14370-tcs-foreclosure-reo-s-
Gotta love the 1 post wonders.
"will Fanne May chase owner for the loss (could be over 100K)? "
That depends on the original purchase price. If it was original and naturally depreciated over $100k, then maybe not.
If the difference was caused by refinance, cash out, etc. they may go after the investor. They almost certainly wont approve a short sale if a 2nd was taken. They want that $30k back if it obviously wasnt put into the property.
Are you eligible for one of the loan modification program?
The investor does not have the resources to fix the property (it was vandalized; Allstate insurance did not pay).
The mtg has not been paid since Jan 08; but fcl has not been filed yet! CW says that the 100K offer is low but does not want to counter or tell us what a satisfactory payoff will be.
If the investor moves back into the property (he has no other property on his name) and try to fix it up while living there it it be considered owner occupied? That is just in case CW still forecloses the debt can be written off.