Posted by John Merchant on August 19, 2003 at 11:26:14:
I’m going to comment on something you didn’t ask, as it’s critical that you protect yourself until you do get this refi’d, or do change the note so it is saleable.
First, who holds the title? Hope you do, as it’s your money on the line. If not, that would be my first move, to get you the deed, into your name, so you know what’s happening to it, and your partner can’t play any games with it.
If it’s not possible now to get the deed in your name, at least get a Deed of Trust recorded so partner can’t sell or convey without paying you.
And if you can get neither a Deed or D/T now, I’d advise getting a notice of interest recorded so partner can do nothing with this RE without your knowing about it.
On the issue of how best to rebuild the note so it is attractive to a note buyer, David Butler and Jon Richards are two of the best in the world at that, so maybe you want to direct your question to them specifically.