Quote:
Originally posted by chowda
correct me if im wrong.. but a TLC is like buying a bond but with options
TLC's allow u to be first in line even b4 the mortgage/bank
if they dont pay their TLC, the house is urs. FREE and CLEAR of back taxes and mortgages
if they do pay, u get a higher interest rate on the money..
Sounds easy eh? hehe try it out and see
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That's right but with some small print. One of those is if the IRS also has a lien against the house, that trumps the TLC and you get fuckall. However, most TLCs are for vacant land, so check to see if its a worthless plot. Those TLCs on property are usually redeemed before they mature. If the owner doesn't pay, the bank holding the mortgage isn't going to let some netwit wipe out their investment for a few k.