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Posted by Sheldon Gray on August 30, 2002 at 01:39:35:
Hello,
I was trying to think of some creative ways to use my credit cards to purchase a preforeclosure. With the cards I have about 16k in credit available and i have a good credit rating. I thought of taking cash advances to pay 10k an owner who is facing forclosure to walk. With 20k in equity, the owner would get half of it back and a clean recored. Then, I could restructure the the 1st mortage and take out an equity loan to payoff the cards and rehab for a quik flip or sub-lease. MY QUESTION IS, is this realistic or all there holes in my strategy?
