Re: Oppertunity is KNOCKING… - Posted by Ed Garcia
Posted by Ed Garcia on July 07, 2001 at 11:02:00:
Opportunity is KNOCKING and you can’t hear it.
Since he has to make TWO payments, step in NOW and tell him you want to close the deal NOW and NOT have him make any more payments. Have him sell the house to you on a Wrap-around mortgage.
A Wrap-around Mortgage, is when the seller creates a new loan, encompassing their existing loan or financing, should they have a second mortgage as well as a first.
Example: The sale of a $50,000 property with a -0- cash down payment by the buyer and an assumable senior loan balance of $30,000, creating a $20,000 shortage, can be financed by the seller who would carry back a new wraparound loan for $50,000. This
wrap-around would require the borrower to make the payment on the $50,000 while the seller would retain the responsibility for making the required payment on the undisturbed existing $30,000 loan.
If he’s not comfortable doing this loan long term, then ask him to finance you for 1or 2 years, or what ever time you think you need until you’re FINANCABLE. Remember, in a year, you’ll have a years worth of seasoning, and can do this as a re-fi with no down.
If your numbers are right, you’d be at 65% LTV which would be a no brainer to re-fi even with slow credit. This will also buy you time to clean up your credit.
Get pumped up JKF because now you’re a man with a mission. Go CLOSE this deal. If you’re in doubt or afraid, call me this afternoon at (909) 944-0199. I’ll either give you the tools to close it, or close it myself. I’ll be available after 1:p.m. California time.