Collateral
Real estate would definetely not work for me. If there was ANY collateral, there would be no need for a bunch of people to send in 3,000. If anyone wants to send in 3,000, expect to never see it again.
Ray
av84fun said:I KNOW you will and am sure you know that I back you 1000%.
Drill him pardner!
(-:
And for you KIND AND NOBLE people who have expressed to step up if you get collateral...it is highly likely that all he has is home equity which, in thge Sun Belt has been dropping substantially.
In addition, to move on the collateral you have to first foreclose which is a legal action that is not a slam dunk AND THEN you have to sell the house which now takes an AVERAGE of 10 months and you get only what is left after the interests of the first mortgage owner.
All in all, you are talking about a two year process and meaningful legal expenses that may or may not be realized from any sale.
Be careful out their guys.
Regards,
Jim
Real estate would definetely not work for me. If there was ANY collateral, there would be no need for a bunch of people to send in 3,000. If anyone wants to send in 3,000, expect to never see it again.
Ray