Posted by JohnBoy on July 19, 2001 at 10:44:18:
If you absolutely NEED your cash then one option is you could refinance the property by putting a new first on it and getting your cash out while your tenant/buyer’s rent continues to cover your mortgage payment until they can qualify for a loan. You have $1,060 per month to play with. That could cover a sizeable amount of cash you could pull out by refinancing.
Out of State owner needs his cash!!! - Posted by Fred Gibson
Posted by Fred Gibson on July 19, 2001 at 09:16:45:
I’m the out of state owner. I have a lease purchase contract
with my buyer for $285K. My buyer has funky credit and some has cleared up. I’m on contract to hold 20% for my buyer at
12% ammort 30yrs balloon in 5yr. Lender had an appraisal
issue and lowered the selling price to $220k on contract. I have a seperate agreement with my buyer to still hold 20%
at the original price of $285K. Nice monthly income and nestegg. PROBLEM!!! This deal has been strung out for about 6 months. I’ve relocated and i’m collecting a net profit of $1,060 monthly after paying the mortgage. I need
to close this deal and move on. I NEED MY CASH!!
Any creative options out there?