Posted by Michael Morrongiello on April 15, 2000 at 18:31:41:
If the holder of that loan YOU are paying on really does not wish to get paid off, then ask her if she would be willing to accept what equity you do have in your personal residence or other properties as a substituted collateral for the debt you owe her.
The worst thing she might say is NO. But then again she may agree to allow for you to move her debt to be secured by a “Blanket” lien on the equity you do have in these other properties so that she can continue to collect interest income.
The other alternative is for YOU to sell YOUR position to a note funder (like ourselves) to do away with the monthly spread and raise CASH that you can invest and grow. We can look at buying out your wrap around posistion and freeing up some cash to you today rather than you having to wait 9 or 10 more years for that balloon to become due.