Posted by Vicki on March 08, 2002 at 12:56:22:
Email me privately at baggett_v1@popmail.firn.edu concerning this situation. Thanks, Vicki
Cash out suggestions? - Posted by T Puente
Posted by T Puente on March 08, 2002 at 12:53:33:
I owe $45,000 on a property that I sold for $78,000. The buyers gave me $3,500.00 down, and I am carrying the balance on a contract for deed. Their payments are $796.00, this does not include taxes and insurance. Taxes and insurance are paid at year end by buyers. Their credit is not good. The house would probably appraise for $80,000. My credit is also not good. Any suggestions on how I can get cash out of this property for other investments?
Re: Cash out suggestions? - Posted by Jon H.
Posted by Jon H. on March 12, 2002 at 24:10:09:
You could try to sell part or all of your contract in the newspaper or though a mortgage broker. Some high risk lenders will buy these notes because high risk lenders keep there loans and collect on them. Just look for lenders that lend on real estate in the 10-20% rate.
All of them will offer you less then the amount due, how much is negotiable…best of luck