Posted by Stan F. on November 08, 2001 at 21:20:49:
RE: your wrap gone bad, potentially going good.
Who is setting the terms in this deal?
Who asked for the release?
Who has the legal upper hand and is in control?
How come this potential problem didn’t show up on the title search.
How can others prevent ending up in a similar situation?
Actually I guess the question should be “How can I cause this to happen on future deals?”
Thanks!
Update to wrap gone bad! - Posted by SCook85
Posted by SCook85 on November 08, 2001 at 20:04:52:
Well refinancing has always been an option, but I didn’t want to jump through the hoops. I wanted to somehow or another come out better on the deal and not worse.
At this point, it looks as though I am going to have my wrap mortgage forgiven in return for a release of liability against the seller, which leaves me with refinancing the underlying debt which is significantly lower then what I owe. I should come out to the good somewhere between $15k and $20k.
I’ll keep you posted.
Steve
The more you give, the more you get - Posted by Brandon Treat
Posted by Brandon Treat on November 08, 2001 at 22:22:47:
Steve,
I am simply posting to say I’m glad this potential hazard is looking like it will work out more in your favor, than against it. Good things happen to good people and in my history with this site you have consistently been one of the most helpful and unselfish people around.
I’ve heard the saying “The more you give, the more you get” and I feel this is applicable to you in the truest sense.
Hope to hear that it ends up as good as it’s looking right now and I wish you continued success.
Brandon Treat