do you still maintain a relationship with them or not?
do you put them on a credit repair program until they can qualify?
do you have investors you work with and structure a creative deal?

im looking to partner up with brokers/loan officers with these types of leads. i plan to buy out properties using my credit partners and structure a seller finance with your buyer until they can refinance and you can work the back end of the loan to get your cut and a percentage of the net profits at future fair market value.

property will be structured as a commercial like "triple net lease" so there's no room for judicial foreclosure upon default. buyer will retain full ownership, fee simple rights, tax benefits(mortgage interest and property taxes), maintenance, and potential share of any appreciation.

btw: im wearing an investor's hat on this

"im looking to partner up with brokers/loan officers with these types of leads." -Alvin

Just am FYI....I see where you are now woring for a Mortgage Co., so be very aware that CO-brokering is Illegal and NAMB and HUD have begun a nationwide crackdown on such illegal activities.

Jail time and heavy fines have become the norm for this type of RESPA Violation.

You will be walking a very tight line, since you are employed by a Mortgage Company. Just ensure you are in no way involved in the financing, and giving any incentives at all (To client or Broker).

Good site: http://www.mortgagefraudblog.com/

I do a lot of work with subprime borrowers. I own a mortgage company and have taken a lot of time to focus on keeping my LOs up to speed on subprime programs. Refis will go away for the most part but subprime and purchases will always be there...yay!

Sometimes it can take a year or more to get someone back to lendable status, but the borrowers are thankful when you can finally work a deal for them.

Chrnc is correct about looking to partner up... You need to be careful especially if you are currently employed by a mortgage Co.

Regardless, I am always open to any new ideas. What all did you have in mind?

thanks for the FYI chrnc

i would be buying the property either as the "principal" using my corporate credit or personal credit or my partners credit. i am going to be involved with the financing because i plan to either sell the note or structure it as a rent to own. there's no agency involved since i am the principal and i am representing nobody but myself. also from what i remember you dont need a license to buy or sell real estate or personal property. that means there's no cobrokering involved. the loan officer that i plan to work/team up with will be involved in restructuring the credit of the subprimer buyer for conventional refi or purchase. the L/O will make their commission in the long run.

ill ask my attorney. thanks

what's your definition of partnering up? im still new in the mortgage industry so im open minded to this situation. is the L/O not allowed to make extra net profits from a purchase? is the L/O not allowed to have co ownership or beneficial interest in an investment property?

please remember im approaching this to use creative financing - not conventional financing.

Alvin I sue all of my turn downs for lost wages and pain and suffering! (+= just kidding.

I keep in contact with them and I send as many as possible to credit repair. Even if they never do a mortgage with me it is still important that they have the benefits of a clean credit file.