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Posted by Stuart A. Bronstein on January 16, 2007, 2:56 am
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Rzrback_99@hotmail.com wrote:
> My partner and I have been looking into getting a
> foreclosure for some time now. Since we have little money
> and since we are using other people's money, we were
> wondering if we were to buy a foreclosure and re-instate the
> loan under our names, could we then take out a Home Equity
> Loan and use the money to fix up the house to sell? Is
> there a better way to go about doing this?
>
> Moderator:
> This posting is not about taxes. Can someone tell the OP
> which newsgroup is appropriate for his question?
I don't know the appropriate group. But I have two comments:
1. Talk to a loan broker - they can give you the answer to
your question.
2. Unless you have enough money to lose your investment if it
goes bad (especially if the former owner has not vacated
the premises), this is not a good idea.
Stu
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