Posted by jadair on November 29, 2000 at 16:43:33:
If the buyer and seller’s intentions are “And maybe in 3 years, the note be reduced?” and the bank doesn’t know…anyway you slice it, it’s fraud. Maybe the seller could hold a 23K note at .000001% for 720 months. It would only add $31.94 to the buyer’s monthly debt service. I’ve never heard of 60 year terms though and I’m not sure if the 1st position would look at this cross-eyed or not!!! Hopefully someone else will jump in here and give some suggestions.