Get Leads From Debt Consolidation Lenders
I have a friend who works for a lender in Michigan. She says so many people are coming in to refinance their home to pay off credit card debt or loan arrears. The lender is selling this "refi" as a "debt consolidation" program.
She said that I could approach small lenders in the refi deparment, and tell them that I can help the people that the lender can't. I would of course offer to buy the house, short the loan, or take over payments.
For example, she says that they can refinance somewith that is 120 days late in mortage payment with a 700 FICO score. But if their FICO score is 530, she wouldn't be able to help the customer. So she would pass the lead onto me. In return, I can pass on someone in foreclosure who rejects my offer and I can refer them to the lender for refinance. Or maybe I should pay the lender rep for the lead (illegal?)
Has anyone done this ? Does this make sense to you.
Thanks. 
This is a natural sybiotic relationship that you should be developing with every business that touches anyone who could be your potential customer. That is networking at its finest.
is it possible to short the loan and just 'take over' the payments?
I was under the impression that you have to come in w/money if you short a loan.
Is sub2 on a short possible?
When shorting the loan you are negotiating with the bank for a reduced pay off of the loan, so there won't be any loan to assume if the short sale is successful because the bank is expecting a check to pay off the loan.
Great suggestion re: working with the lender on referrals. I need to get in touch with my lenders to see what they have to say.
John