Updated over 16 years ago on . Most recent reply
Toxic Mortgages
I have a friend who just started buying up "toxic mortgages" - delinquent mortgages from various lenders at a deeply discounted rate. He now is assuming the rights of the "bank" and proceeding with foreclosures. Most are commercial properties and he must advance taxes and insurance on them. Does anyone have experience in this? He'd like me to assist him with setting up billing statements to continue billing as the lender. Other than taxes, insurance, etc. are their any other items that might be advanced by the lender?