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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] No, Unknown & Very Low Posted by Tom on April 07, 2008 at 6:43 AM In Reply to: Is it a new trend now that the 2nd start going after ppl? posted by newbie on April 04, 2008 at 2:00 PM The Mortgage Debt Forgiveness Act has virtually eliminated recovering on mortgage loans until it sunsets 1/1/10, if ever. The lender probably doesn't cull out all those debtors who qualify under the act, so you would have to when figuring your bid amounts. This is part of a bigger field buying distressed loans. It's very competitive and the players are always looking for product across the county. It's not a home based endeavor and it's not a particularily fun business. RE is much more interesting by far - if you know what you're doing. I've known several who have started companies buying distressed loans and you can do very well. They had the following things in common: 1) 15-20 years experience in loans/workouts 2) Access to considerable working capital 3) The ability to known where to find the professional talent to start an assembly line quickly. It's a difficult business to get respect in, but once you're on banks' invite list as long as you're willing to spend the time and money to get the lists, fly in, and review loans for days you will be able to bid. I've been a part of bid openings, but never discussed with our secondary marketers regarding bidders, but I suspect most bidders drop out after one or two unsuccessful bids. Like flipping there are those who are ill prepared for the business. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : The Mortgage Debt Forgiveness Act has virtually eliminated recovering on mortgage loans until it sunsets 1/1/10, if ever. The lender probably doesn't cull out all those debtors who qualify under the act, so you would have to when figuring your bid amounts. This is part of a bigger field buying distressed loans. It's very competitive and the players are always looking for product across the county. It's not a home based endeavor and it's not a particularily fun business. RE is much more interesting by far - if you know what you're doing. I've known several who have started companies buying distressed loans and you can do very well. They had the following things in common: : 1) 15-20 years experience in loans/workouts : 2) Access to considerable working capital : 3) The ability to known where to find the professional talent to start an assembly line quickly. : It's a difficult business to get respect in, but once you're on banks' invite list as long as you're willing to spend the time and money to get the lists, fly in, and review loans for days you will be able to bid. I've been a part of bid openings, but never discussed with our secondary marketers regarding bidders, but I suspect most bidders drop out after one or two unsuccessful bids. Like flipping there are those who are ill prepared for the business. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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