Posted by Michael Morrongiello on October 18, 2005 at 14:17:33:
Why not negotiate with the property seller to sell the $136K home to you and then to also finance you by carrying back a purchase money 1st lien Mortgage on the home being sold to you and to also be cross collateralized by the equity you have in the other property.
Now if the seller of this home and potential $136K Note holder needs cash - the purchase money mortgage & Note can be converted into a lump sum to him (through its sale).
The $136K Mortgage would be secured by BOTH properties.
This is one way to consider going…
Best to your success;