Re: How does this unwrap? - Posted by Joe
Posted by Joe on April 18, 2002 at 10:04:58:
Just to clarify, I know I’m violating the DOS clause on the first mtg. That really wasn’t the question. I’m more concerned about the original seller.
There is equity to be had, here, in the order of $30,000. If I pay-off the second, and get the deed, I wondered if there was any recourse for the original seller to get the property back.
I’m sure the original seller would love nothing more than to have the second buyer default on the balloon note, and get back the property via foreclosure or deed in lieu. Then I come in and “pop the balloon” by paying off the second and take the equity for myself at the last minute. I just want to be sure I can do this…is this the way it works?