how to ago about restructuring this note - Posted by Saban


#1

Posted by John Behle on October 18, 1998 at 15:20:23:

An unsecured note can be sold - if you find a buyer - which isn’t likely. A more likely option would be to find an investor in your area to buy out your position and get the park owner to substitute liability (which might take some kind of bri… I mean incentive). Hoepfully it would be a good enough incentive just to have an equally capable local investor more capable of dealing with any problems, but they may not see it that way.

It may be a possibility for the park owner to buy out your position if he is in the paper biz - which he probably is. You could also look for other paper buyers or creators in this or another park to sell to.

I’d put it out here and on the other newsgroup and I’d bet you would get some leads. Email Lonnie and see if he knows someone in your area that might be a player - or take it to the chat room some night.


#2

how to ago about restructuring this note - Posted by Saban

Posted by Saban on October 18, 1998 at 09:43:58:

Here is my little dilemma…

I am holding a mobile home note with about ~6k balance left. However, I recently moved out of state and don’t have the advantages of being able to deal with problems right there on the spot. As the owner I am the guarantor to the MH park for the park rent which is somewhat high, I’d love to remove this risk from my position. Here is what I can come up with, let’s see what people think:

1- Sell the note (kind of hard since the MHs intrinsic values is low)

2- Have the buyers sign another promissory note which is not secured on the mobile home (kind of same as signature loans). I realize this is not giving me much security but I really prefer to get rid of my park rent ability since these guys have been coming onto some hard times recently. Here is the question, can an unsecured note be sold out there…? I realize the discount may have to be larger ,but nevertheless…

Thanks for any replies in advance…

–Saban


#3

Re: how to ago about restructuring this note - Posted by Jim Davis

Posted by Jim Davis on October 19, 1998 at 13:45:16:

Saban I can be of help in buying this note please e-mail me so i can get all the info at incomeforlife@yahoo.com