Posted by tbone on June 04, 2004 at 15:06:08:
I can get all the details, if you think you can help let me know. tbone@seasweb.net I see what you are saying now!
ballon note - Posted by tbone
Posted by tbone on June 03, 2004 at 13:47:12:
I have a couple that want to lease/purchase a home i have. They need to sell their home to get a down payment for my lease purchse. They have a balloon note coming due, and their credit has taken a hit and now they cannot refinance for the ballon note. They owe $60000.00 on their home, and the county appraised the home @ $72,000.00. The house will probably appraise for around $82,000.00 with another appraiser. I did not find out what interest rate they have on the home. I need help! I need to find a way to get their home, because i could lease/purchase the home within a couple of weeks for around $88,000.00. Any ideas?
Re: ballon note - Posted by Leslie Frossard
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Re: ballon note - Posted by Frank Henry
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Re: ballon note with WHO…? - Posted by Michael Morrongiello
Posted by Michael Morrongiello on June 03, 2004 at 18:48:38:
Tbone:
What type of lender are they paying on the existing balloon mortgage Note…? One of the nice things that can be done with “paper” is that it can be renegotiated. Assuming they are paying a private seller from their past acquisition of the property they can possibly restructure that existing Note with the seller (who can then disposed of it for cash). When the dust settles the balloon payment will have been diffused…
We (Sunvest) have purchase many existing seller held notes with pending balloon payments coming due over the years and then have simply modified and extended them for the existing borrowers (providing they are current and up to date)…
To your success,
Michael Morrongiello
Re: ballon note with WHO…? - Posted by tbone
Posted by tbone on June 04, 2004 at 14:34:28:
they are paying Van Guard Prop. for their current note, and Van Guard does not want to refinance their balloon note.
Not talking about a traditional refi here… - Posted by Michael Morrongiello
Posted by Michael Morrongiello on June 04, 2004 at 14:44:14:
TBone:
I believe you may have missed the point… What IF; Vanguard Properties could simply - formally modify and extend out the existing Mortgage Note they have with these borrowers knowing in advance that they could then SELL and convert the “new” modified and extended Mortgage Note to obtain CASH liquidity (in essence helping themselves to get paid off)…?
This is why I asked whether they Note holders were private or institutional lenders and it sounds like they are private which would be perfect for this scenario.
We’ve used this techniques dozens of times over the years and as stated above Vanguard properties STILL gets the cash they want from a payoff.
Let me know if you can obtain more details…
Warmly,
Michael Morrongiello
Re: Not talking about a traditional refi here… - Posted by Trish Trivette
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