Posted by Michael Morrongello on July 15, 2003 at 17:48:16:
You and I discussed this file previously. Have her deed to you and also Finance you by carrying back a “wrap around” Deed of Trust & Note.
You will then pay her and she will then pay the underlying 1st lien. With the right structure of this “wrap” loan - you can have long term permanent financing in place on the property.
Then after a few months of proving yourself as a payor on this Note, she can elect to SELL the Wrap around “paper” and from the cash proceeds derived from its sale, simply pay off her existing debt against the property.
To your success,