Posted by Kris on June 24, 2001 at 01:40:18:
I was just thinking. Couldn’t this person just refinance the amount of the total of the 2 loans on the home and pay them off? I mean with the rates as low as they are she could refinance to a 30yr loan for the total amount of the loans she owes, pay them off and have payments a bit more palatable just around 1000 give or take a couple bucks. Those pmts are much less than the 1500/mo blowing through her pocket and with the 1200/mo coming in from the rent she could have a possitive of 200 or so/mo. Then someone maybe I could offer her a wraparound for that same amount staying within the 1200/mo income. Or am I being way too idealistic here? I mean all she wants is to have out of the property. Whats your take on this? Thanks.