Posted by JimG on May 24, 2002 at 10:51:10:
I was wondering if this was possible, first my wife and I have negetive equity in our house (about $140K financed on a $130K house) so I figured that the bank would be willing to sell a note like that becuase it would not be very attractive to them (am I off on that?) therefore I thought I could negotiate with the bank to purchase our note for 60-70% and then find an investor that could back the purchase and offer him 10,000 that he would receive after we refinance at 80% (approx. 2 months later) so the result would be 10K for the investor and a few thousand for us and 20% equity after closing the refinance.
Is it possible to find our note and begin negotiating with the bank for it? Does this sound feasible for the investor and the 60-70% purchase of our existing note? How would I find the person at the bank to negotiate with? Would they be willing to negotiate?
Thanks in advance for any help in this matter.