You have got to read this article that was in the Orlando Sentinel earlier this week. Shaquille O'Neal is putting together a plan to buy mortgages going into foreclosure then selling the homes back to the owner with better financing terms. The idea is to help people that are losing their home because their interest rates are forcing them out. I am sure he is expecting to purchase the mortgages at a discount which will give him is profit margin. There are obviously issues with this, but at least he is willing to take the chance.
I say good for Shaq, and shame on the mortgage companies for not doing more of the same. Of course Shaq may get discouraged when he starts dealing with the mortgage companies.
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