Posted by DougO(NM) on December 01, 1998 at 08:01:07:
It depends, “Usually” these folks are upsidedown. Whats the balance on the loan vs. what the home is worth ? What could you rent it for ? If you are looking for a rental unit and you can rent it for more than the pmt and homesite rent AND the community lets you do this, then it’s of course a good way to pick up a non-qualifier rental. Just want to set it up so that you get the title when it’s paid. IF you get that far let me know, I can tell you about it. If there isn’t much difference between the loan balance and the value, theres not much else you can do with this deal.