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Some people just don't get it. :)sphss

Do you get mad when you help your client make an offer on a short sale property? Do you feel so bad for the current owner of the house that you just ethically won't do it?
 

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Some people just don't get it. :)sphss

Do you get mad when you help your client make an offer on a short sale property? Do you feel so bad for the current owner of the house that you just ethically won't do it?

Nope.

A real estate/boat/car purchace is one thing. But the guy is a complete diickhead. C'mon I can't believe your sticking up for him again. Do you know him personally?

If the POS would've come on the forums and posted a thread letting people know that he would be interested in taking over their payments in a nice friebdly way.. I can understand that. But Boatless came on here in a complete arrogant way with his "my c*ck is bigger than yours" attittude which got him banned and disliked by everyone on the boards but you.
 

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Nope.

A real estate/boat/car purchace is one thing. But the guy is a complete diickhead. C'mon I can't believe your sticking up for him again. Do you know him personally?

If the POS would've come on the forums and posted a thread letting people know that he would be interested in taking over their payments in a nice friebdly way.. I can understand that. But Boatless came on here in a complete arrogant way with his "my c*ck is bigger than yours" attittude which got him banned and disliked by everyone on the boards but you.
I will stick up for him in what he is trying to accomplish. Most people here are saying it's fraudulent and they can't get past the business aspect of it. Yes I have spoken with him on the phone as I said I would facilitate anybody who needed to get out of their boat and take up his offer as I have all the proper documentation to do so.

When he came here, it was in a more freindly manner. Unfortunately for him, the boards turned on him and he did not handle it in the correct manner. I don't stick up for him on that end.

I know the situation and I can see this happening for them. There are plenty of ignorant people that get scared when somebody proposes something that they cannot understand. I think that's what happened here.

Good for those who have the money in today's market. There are people who don't. He is taking advantage of this market and I have no problem with that. He who has the gold writes the rules.
 

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I will stick up for him in what he is trying to accomplish. Most people here are saying it's fraudulent and they can't get past the business aspect of it. Yes I have spoken with him on the phone as I said I would facilitate anybody who needed to get out of their boat and take up his offer as I have all the proper documentation to do so.

When he came here, it was in a more freindly manner. Unfortunately for him, the boards turned on him and he did not handle it in the correct manner. I don't stick up for him on that end.

I know the situation and I can see this happening for them. There are plenty of ignorant people that get scared when somebody proposes something that they cannot understand. I think that's what happened here.

Good for those who have the money in today's market. There are people who don't. He is taking advantage of this market and I have no problem with that. He who has the gold writes the rules.
Understand your end.

Please school me as Im green to this:

Im curious, How does one take over a loan with bad credit themselves? I would like to know how that works. Is it just a matter of a large down payment, or number of assets? I cant see how it benefits the bank to go from one risky borrower to another unless they were getting a large payment upfromnt.

I would guess they already now the current borrower will default, so If they can get 10-15% of the loan, and let someone else make payments.. even if they default the bank is money ahead.
 
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Understand your end.

Please school me as Im green to this:

Im curious, How does one take over a loan with bad credit themselves? I would like to know how that works. Is it just a matter of a large down payment, or number of assets? I cant see how it benefits the bank to go from one risky borrower to another.

Dennis,

The new borrower makes the payments on the old borrowers name. A side deal.
 

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Understand your end.

Please school me as Im green to this:

Im curious, How does one take over a loan with bad credit themselves? I would like to know how that works. Is it just a matter of a large down payment, or number of assets? I cant see how it benefits the bank to go from one risky borrower to another.
The bank is in the current position of repossessing the boat and at that point willing to negotiate. At the same time, it could be more of an "down low" transaction where the current owner technically carries the paper although payments are going to the bank directly, not through the seller and then the bank in order for the buyer to protect his position as well. This is why proper documentation is a must, preferrably with a 2nd on a residence.
 

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I will stick up for him in what he is trying to accomplish. Most people here are saying it's fraudulent and they can't get past the business aspect of it. Yes I have spoken with him on the phone as I said I would facilitate anybody who needed to get out of their boat and take up his offer as I have all the proper documentation to do so.

When he came here, it was in a more freindly manner. Unfortunately for him, the boards turned on him and he did not handle it in the correct manner. I don't stick up for him on that end.

I know the situation and I can see this happening for them. There are plenty of ignorant people that get scared when somebody proposes something that they cannot understand. I think that's what happened here.

Good for those who have the money in today's market. There are people who don't. He is taking advantage of this market and I have no problem with that. He who has the gold writes the rules.
Actually he has been pretty focking rude to everybody since day one. I still have my PM's from him including one which he stated you were trying to help. Probably the smartest thing he's done.
 

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The bank is in the current position of repossessing the boat and at that point willing to negotiate. At the same time, it could be more of an "down low" transaction where the current owner technically carries the paper although payments are going to the bank directly, not through the seller and then the bank in order for the buyer to protect his position as well. This is why proper documentation is a must, preferrably with a 2nd on a residence.

So it has to be a boat that already in repo status? Are there public records where a buyer might be able to search for defaults on auto/ boat loans/ etc (kind of like real estate). Seems like a much better approach than posting shiit on here, if it was availible.
 
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Wow great explanation there John. Did that hurt your head thinking of it? :rolleyes:

Did you expect something different with the question you asked? You might want chill Dennis. Hate to see you end up with the same fate as your boatless buddy.
 

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So it has to be a boat that already in repo status? Are there public records where a buyer might be able to search for defaults on auto/ boat loans/ etc (kind of like real estate). Seems like a much better approach than posting shiit on here, if it was availible.
You can work with banks to find out but there are no public records. Give the CUs a call. I know Arrowhead CU did a lot of "toy" loans. They can't give you any information until they repossess though as there are privacy policies in place and by that time, the boat is already at LBYS.

This place was probably the best place to do it, just in a different fashion.
 
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You can work with banks to find out but there are no public records. Give the CUs a call. I know Arrowhead CU did a lot of "toy" loans. They can't give you any information until they repossess though as there are privacy policies in place and by that time, the boat is already at LBYS.

This place was probably the best place to do it, just in a different fashion.

CC,

I got the impression that Boatless wanted to TOP without bank involvement
 

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CC,

I got the impression that Boatless wanted to TOP without back involvement
What he wants and what he gets are two different things. There was a structure that I think he was comfortable with that would have worked for a seller. It all depends on each situation, what boat, what sales price, what loan amount. All situations are different, especially in today's market place. People come to me asking for nonrecourse loans all the time....doesn't mean that they get them.

A $20,000 downpayment is a lot different on a $40,000 boat than a $120,000 boat.
 
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