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. . . . You?d be surprised at the deal some lenders will make today. For example, Vanderbilt Mortgage company offered to sell a relatively new 1144 square foot model that it had on its repo lot. The defaulted loan balance had been $49,000, but they agreed to sell it for $8000 cash. In another instance, I bought a $19,326 second mortgage loan behind a defaulted $78,469 first mortgage that was held by GE Capital. They accepted $1000 for it. That amounted to five cents on the dollar for this loan rather than investing even more money to protect it at foreclosure.
One retired lady I know makes a living buying deeply discounted defaulted second mortgages behind default first mortgages on houses that she is willing and able to bid up at foreclosure sale. She?s pretty adroit at picking houses that bidders will pay top dollar for, but, if she is the only bidder, she gets the house for a pittance over the first mortgage balance.
One house she bought had a defaulted second mortgage with an unpaid balance of $28,453 for $7200. It was behind a defaulted first mortgage of $119,622. The house was worth about $200,000 on the retail market. When it went to auction, she bid the price up to $150,000 and stopped bidding. Competing bidders bid the price up to $167,000. The loan that she had owned less than 30 days was paid off in full and she walked away with a $21,253 profit. Had no other bidders topped her $150,000 bid, she would have bought a $200,000 house for a net $126,822 after reducing her cost by the amount of the second mortgage loan, which would have been repaid to her. Either way she would have come out winners.
Give this some serious thought. Without any need for management, title searches, maintenance, or liability, simply buying junior liens behind foreclosing senior liens can create huge profits. All you?ve got to do is . . . you can read the complete real estate lesson at http://www.CREWealth.com in the Learning Center.
But that?s not all ?
You should read Jack?s blog this week ? Gold is Where You Find It ? Learn why Jack thinks mobile homes are something you should seriously consider in this market. You can ?Gold Is Where You Find It? plus about 150 of Jack?s words of wisdom articles at Jack?s blog located at http://www.JackMillerOnline.com
There are tremendous opportunities to make huge profits with mobile homes ? often a much higher yield and profit than you would make with a stick built house.
Jack?s student, Bobby Redwine, who has more than 13 years of experience buying mobile homes, parks and land ? is teaching a seminar on May 31 ? June 1 in Dallas Texas. For more details, see http://www.MobileHomeProfitSecrets.com
This event would be a great opportunity to learn how to find the ?GOLD? in mobile homes.
To YOUR Extreme Wealth,
Jackie
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