Quote:
Originally Posted by picaro11
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You know you are leaving money on the table on this deal right? In the event that the recovered asset price well exceeds the loan outstanding.
You collect a fee AND can get a percentage (or all) of excess proceeds. All seller gives a shit about is being made whole. Or you can cut him in on the deal "in the event of..." or whatever.
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Was trying to cover myself in the event the lawyers showed up. I know in the case of storage and bailment, an asset cannot be sold for more than the total remaining balance. Although, selling for the full market value in addition to retaining the amount of principal and interest paid to date in event of default is ideal.
09-05-2014, 01:18 PM
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