Posted by Chuck on June 22, 2003 at 24:37:35:
No-one, nowhere is going to offer you the full balance of this note… there’s no profit to be made in doing that. So it comes down to a simple question.
Which would you rather have… $24,000 now… or $27,069.50 in monthly payments?
Keep in mind that IF she ever defaults on the 1st, your going to have a hell of a time collecting on that 2nd.
Take the money.
second position - Posted by E.Verdugo
Posted by E.Verdugo on June 21, 2003 at 14:40:02:
Hi, upon the sale of my home, the buyer had only 80%financing, so I carried the second. The first that she still owes is 110,000 and I carry a second of a balance now of 27,069.50. A refinance co. contacted me that they want to refinance her, I guess at her request, and in order to do so they need me to cash out at 24K, a loss to me of 3,069.50. Is this the best thing to do, as they say 24k is all they can go? Should I make a separate deal with buyer for the remainder should I settle? Please advise. Thank you.