Create a marketable 1st lien (or wrap)

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Posted by Michael Morrongiello on May 17, 2004 at 19:49:02:

In Reply to: Creating a 2nd Mortage/Note??? posted by Tim on May 14, 2004 at 16:32:22:

Tim:
There few takers for HIGH risk seller held 2nd lien Notes (especially that lack a payment history)...

First off, you and your wife need to decide if you want to move into this home or to consider it inventory and SELL IT and make a profit.....?

Assuming its the latter, then consider marketing the home to a suitable buyer (decent employment and stability, 600 or better credit scores, an OK overall credit profile, and at leat 5% cash to put down, etc.)
where you can get at least 5% cash or preferably more down and you can finance the balance due.

This Note can be VERY marketable as a 1st lien lien seller financed Note. Often it can be sold at the SAME time you sell the property to the buyer.

Naturally from any proceeds derived from the sale of your seller financed Note, you would have to pay off the existing 1st lien and your seller that you still owe funds to.

To your success,
Michael Morrongiello

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