All Forum Posts by: Derrick R.

Interesting question.  But in your particular situation the bank would never lose money.  They've been profiting by collecting principal+interest for the life of the loan, and any fees assoc. with foreclosure will likely be recouped during auction.

The way in which we may help the seller depends on the situation. They may have resorted to the 'we buy houses' guy as a last resort.  So for them to be able to walk away with 36k cash and no mtg, at a time when they cant or may not be able to work to repay the bank is one benefit.  

Some sellers are just opposed to letting the 'big bank' take back their home, for that reason they find us.

@Ned Carey mentioned the credit impact.

Disclaimer: I'm not yet an active investor but thats my pov.

Thanks for the welcome guys.  

Looking forward to learning from you seasoned veterans.  If you have any advice on any aspect of real estate (or life in general) send it my way.

I've been working on those recommendations Paul, thanks.

Cool, my first post, comfort zone expanded...

Hello BiggerPockets members. 

Been a browser for some time now while I figured out which field of investing i am most interested in (so many choices). Although rehab is more suited to my personality, the majority of it was spent learning how to find leads for wholesaling, to getting the deal done, and that will be the area that I pursue first. I felt I needed to challenge myself , and right now rehabbing will conflict with my schedule (job), so that and buy+hold will come later...etc. 

Thank you to the 'creators', members, bloggers, and podcasters for the invaluable information as I look forward to learning more, and hopefully adding some value to the board.