Ive read alot into preforeclosures for the US of A and was wondering if anyone knew if theres a market for this type of investment in OZ. Google search doesnt seem to bring up much with regards to australia. Is there legislation that im missing out on that stops this kind of strategy maybe?
Cheers
Reeco
If you could find these people that are about to have their properties repossessed, then you could make them an offer. It is just a matter of finding them. possible sources are mortgage brokers, lawyers, debt collection agencies etc. But be ncareful of the privacy issues.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Cheers terry
But can i reinstate there loan and buy there equity? Of course this would mean some rare kind of new vendor agreement where i purchase the title of deed and assume/reinstate the loan in foreclosure)
Do you know of many vendors that would approve of this.
any thoughts
Hi
Not sure what you mean by reinstate their loan? If you mean take over their loan, like they do in america, then this is not possible in Australia. You will need to apply and qualify on your own.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
thanks
is that a fact or an assumption? cant understand why banks/lenders would be so much different than those in australia. I might ask more of it from banks mitigation departments and see if can be what happens. I can see how difficult it would be but dont see why it couldnt happen.
Cheers
fact.
Banks would not let someone take over without making sure they could pay the loan. What would happen if you took over and then stopped paying? The bank would be in the same position.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks terry
Sorry for not explaining the full details
The position would be that i am an established (proven paper trail) investor with x amount of bankable dollars/assest. If i was with lets say ANZ. and the loan in default was with anz. Im sure an agreement could be matched that would allow me to continue the loan all things considered.
Ill be research this thoroughly. Even testing the theory within the next 6months
Cheers
Yes, you would just have to apply like normal though. They would need proof of income and a new valuation etc.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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