Approach the contract holder - Posted by Michael Morrongiello
Posted by Michael Morrongiello on April 22, 2000 at 14:50:27:
IS the contract holder motivated and willing to be flexible so that you can get them a significant amount of CASH today rather than have to continue to finance you or “roll over” your loan?
If so, your contract for deed can be amended to roll you into more long term financing and then sold in whole or part for CASH that would go to the holder. This may be an easy way for the seller to avoid having to take legal action against you and to also realize CASH out their contract today rather than later.
We’ve purchase many privately held mortgages, trust deeds, and contracts where this same THEME has been evident. The payor is able to pay monthly and has paid timely BUT they cannot refinance and pay off the entire balance due to the private party lender.