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directfiesta · 08-25-2011, 04:28 PM

They need to do that for refinance .

I sold in 2003 a condo ( high US $ value , High market value ) .
The buyer qualified for the under prime shit , but was short of 25 K .

I gave him a 2nd mortgage of 25K at 7.5 % .

He eventually defaulted in 2008 with the bank . He also did not pay me at the time.

Story short, I bought back the place, paying the first mortgage 35% of remaining value, cash . Made a very nice deal there ....

Bought another one this winter ... cash .

08-25-2011, 04:28 PM
directfiesta Too lazy to set a custom title Industry Role: Join Date: Oct 2002 Location: Punta Cana, DR Posts: 29,585	They need to do that for refinance . I sold in 2003 a condo ( high US $ value , High market value ) . The buyer qualified for the under prime shit , but was short of 25 K . I gave him a 2nd mortgage of 25K at 7.5 % . He eventually defaulted in 2008 with the bank . He also did not pay me at the time. Story short, I bought back the place, paying the first mortgage 35% of remaining value, cash . Made a very nice deal there .... Bought another one this winter ... cash . __________________ I know that Asspimple is stoopid ... As he says, it is a FACT ! But I can't figure out how he can breathe or type , at the same time ....