I heard a story and wondered how you could protect a friend from buying a building in Miami and refinancing it. God…
I heard a story and wondered how it could be defended
A friend bought a building in Miami and refinanced it. He claims he was not in debt to the bank. Well a group of ultra-Orthodox people bought the debt / mortgage from the bank - and basically bought the property. Her screaming? It is possible? Maybe I didn't understand right?
A friend bought a building in Miami and refinanced it. He claims he was not in debt to the bank. Well a group of ultra-Orthodox people bought the debt / mortgage from the bank - and basically bought the property. Her screaming? It is possible? Maybe I didn't understand right?
The subprime crisis in 2008 resulted from the purchase and trading of mortgages. Of course it is possible.
There is a possibility of buying a mortgage / loan by an external party (many times it is another bank buying the mortgage). The property owner is required to make the payment of the loan he took in front of the new lender. I understand from your case that an ultra-Orthodox buyer bought the loan from the bank from which he did the refinance and he is required to work with them now to repay the loan.
They bought the debt and became his bank / lender. As long as you continue to make timely payments, this should not be a problem.
In tax deed states, investors purchase the tax deeds to own the properties, though some real estate investors purchase the tax deeds and later use the properties to earn income over time.
Tax lien states are Alabama, Arizona, Colorado, Florida, Illinois, Indiana, Iowa, Kentucky, Maryland, Mississippi, Missouri, Montana, Nebraska, New Jersey, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Vermont, West Virginia , and Wyoming. The District of Columbia is also a tax lien jurisdiction. ”
Something strange here
You didn't get it right, or he didn't get it right. If they bought the debt = there was debt. Conscious/unconscious, that's a different story