Posted by Jim (Houston) on June 04, 2002 at 11:43:16:
No its a straight mortgage from a large bank neither one of us knew much about real estate when he got it so he kinda got taken in a way cuz he bought at full asking price with some repairs still needing to be done such as 2 19 year old AC units and water heater as well as some repairs needed for the pool and such if either one of us knew what we knew now hehe … oh well can’t cry over spilled milk
Thanks for your response
any creative ideas? Help please - Posted by Jim (Houston)
Posted by Jim (Houston) on June 04, 2002 at 08:08:49:
I have a friend that has no equity in a house and is trying to find a way to get some equity without just paying down the principle in one lump sum due to lack of funds.
Is there a creative way to solve his problem ie possibly negotiating with the bank to get the mortgage at a discount or recruiting someone to purchase at a discount then discount the payoff to him?
Any ideas are welcome. Thanks in advance for any suggestions or advice.
P.S. I just wanted to say how impressed I have been with the spirit of this site and the amount of help people are willing to give. It is actually one of the things that got me completely motivated to make REI work because the people I will be working with will be a joy to work with unlike some jobs I have had. =)
Re: any creative ideas? Help please - Posted by Mike Daly (Atlanta)
Posted by Mike Daly (Atlanta) on June 04, 2002 at 08:58:42:
What is his situation? If he lease optioned his house he shouldn’t have too much trouble getting a price that would be sufficient to pay off his loan. The disadvantage is his loan will stay in his name until his buyer cashes him out, which may or may not happen on the first buyer. He will also incur the same risks as with renting property – repairs, vacancies etc. – although L/O buyers tend to be more responsible than tenants.
The bank is unlikely to take a discount unless he’s already behind on his payments. Search the archives for “short sale”.
Re: any creative ideas? Help please - Posted by Jim (Houston)
Posted by Jim (Houston) on June 04, 2002 at 11:47:29:
oh I forgot and he has not been late on his payments for 1 year now
I was kinda hoping for his sake that the mortgage company would not like having a mortgage where there was negative equity, thats the only reason I thought there might be a possibility they would want to sell the note
Thanks