Posted by phil fernandez on June 22, 2001 at 11:48:01:
Of course in order to sell the note for the smallest amount of discount you’ll want to structure it properly. Go over to the Paper/ Notes section of this site and post this over there. Mike Morrongiello or David Butler can help you structure your note and they also buy notes.
!!! FREE HOUSE !!! - Posted by William Robert
Posted by William Robert on June 21, 2001 at 16:50:45:
Well not quite so free. My cousin owned the house clear and free (no mortgage). We transfered the deed. I am to pay her with a new 1st loan. I’ve got bad credit (Student Loans, etc), so I’m having trouble getting the loan. I’m living in the home now. My cousing is moving next month and needs the money now. She’s so motivated she paid the transfer tax. I was hoping to get a loan to pay off my debts and pay her what she asked 23k. Fair Market Value is 36k. Come on guys and gals your experince is needed and appreciated. If you’re life depened on getting this deal done… What would you do? THANKS AGAIN
P.S.
Any Lenders in PA.?
Possible Deal Here.
Re: !!! FREE HOUSE !!! - Posted by Kim
Posted by Kim on June 21, 2001 at 21:12:14:
Ron Starr’s post about exclamation points was hysterical! Just an FYI - Student loans typically show up as government liens on your credit report. So - you better get those paid off or your going to have years and years of credit headaches. Good Luck!
Re: !!! FREE HOUSE !!! - Posted by Ronald * Starr
Posted by Ronald * Starr on June 21, 2001 at 20:26:28:
William Robert--------
Sorry to tell you, but you just used up the whole year’s supply of exclamation points for people who live in PA. Not only did your post use a surplus, but the answers to your post used extra exclamation points. Sorry, you may not use any more exclamation points for the rest of 2001.
Good Note SellingRon Starr****
Re: !!! FREE HOUSE !!! - Posted by Valerie
Posted by Valerie on June 21, 2001 at 20:14:01:
Where are you in PA???
Re: !!! FREE HOUSE !!! - Posted by phil fernandez
Posted by phil fernandez on June 21, 2001 at 18:15:00:
Here’s an easy fast solution to both your problem getting a bank mortgage and your cousins need for immediate cash.
Let your cousin owner finance the house to you. In other words you hand him a mortgage, he hands you the keys to the house.
At closing your cousin sells the newly created owner financed mortgage to a note buyer for cash. Instead of you paying your cousin monthly payments, you would be making the monthly payments to the note buyer.
In the end, you get to buy a house and your cousin now has his cash and is done with the deal.
Re: !!! FREE HOUSE !!! - Posted by Stacy (AZ)
Posted by Stacy (AZ) on June 21, 2001 at 17:06:16:
Try contacting some sub-prime lenders or mortgage brokers.
If your credit will not allow you to get a loan, have her get a loan for 23K, and then you can buy it on a wrap around mortgage (subject-to her new loan). As far as paying off your student loans, if you can’t get a loan because of your credit, you’ll just have to keep paying them for now.
Stacy
Re: !!! FREE HOUSE !!! - Posted by William Robert
Posted by William Robert on June 21, 2001 at 20:08:44:
Great Idea!!! Thank you very much!!! 
How could we locate a buyer?