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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: 1st visit for Equity Purchase in IE Posted by D on May 12, 2010 at 1:57 PM In Reply to: 1st visit for Equity Purchase in IE posted by Doug on May 12, 2010 at 9:19 AM There are a lot of reasons people aren't doing equity purchases right now. If it were me I'd avoid doing equity purchases for one reason: strategic default. It used to be that people couldn't make their mortgage payments because of some problem in their life. Now people are who are perfectly capable of paying their mortgage are choosing to just not pay. The reason being the banks simply are not foreclosing on people. It used to be people were ashamed to be in default or in foreclosure. Now people look at it like they just got a raise in pay. So many people are not paying that experts are arguing the reason our economy is doing better is all these people not paying their mortgage are going out and spending the money they should be paying the bank every month. Especially in the IE, just about everybody knows someone who hasn't paid their mortgage in 1-2 years. This idea that the bank won't foreclose if you don't pay is spreading like a virus and people are catching on. I think you're going to find most people you talk to probably have more money than you do considering they haven't paid their mortgage in a year. I hate cold calling but if it were something I was comfortable with I would door knock people who owned their homes free and clear and try to work out some sort of seller financing deal. You'd probably have zero competition with lots of leads to work. Just my 2 cents. Follow Ups: Re: 1st visit for Equity Purchase in IE Kristine-CA 6:56 PM, 05/12/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : There are a lot of reasons people aren't doing equity purchases right now. If it were me I'd avoid doing equity purchases for one reason: strategic default. It used to be that people couldn't make their mortgage payments because of some problem in their life. Now people are who are perfectly capable of paying their mortgage are choosing to just not pay. The reason being the banks simply are not foreclosing on people. It used to be people were ashamed to be in default or in foreclosure. Now people look at it like they just got a raise in pay. So many people are not paying that experts are arguing the reason our economy is doing better is all these people not paying their mortgage are going out and spending the money they should be paying the bank every month. Especially in the IE, just about everybody knows someone who hasn't paid their mortgage in 1-2 years. This idea that the bank won't foreclose if you don't pay is spreading like a virus and people are catching on. I think you're going to find most people you talk to probably have more money than you do considering they haven't paid their mortgage in a year. : I hate cold calling but if it were something I was comfortable with I would door knock people who owned their homes free and clear and try to work out some sort of seller financing deal. You'd probably have zero competition with lots of leads to work. : Just my 2 cents. [ 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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