Posted by Bud Branstetter on November 16, 1998 at 16:04:45:
I hope your plan works. But where is the win for the mortgage holder. You want to discount him severly so you can profit. Why wouldn’t he foreclose and take over the property. In many deeds of trust there is an assignment of rents provision that would allow the mortgage holder to have rents assigned to him to pay the mortgage. If the mortgage holder is an institution they are unlikely to discount. What is more likely is to get a deed or lease then lease to the tenant/buyer.
If the buyer is prequalified for 75% LTV does that mean he can only afford 75% of the payment.