Posted by Stephen on March 28, 2000 at 22:17:51:
Thank you. The 1st lien mortgage is an excellent idea. I really appreciate your ideas. I have paid the rental amounts timely. I put down 10k.
Ideas wanted - Posted by Stephen
Posted by Stephen on March 26, 2000 at 20:51:21:
I have been in my current residence for 1yr on a lease option. I have secured a loan for 85% of the appraised value of my home. The seller is will not hold a second beacuse he wants to cash out of the property.I need to raise about 12,000.00 to satisfy him but my credit is less than perfect. I have about 5 days so I am desperate. Any ideas? Iam willing to listen. I 've tried family members, but with no success. I am even willing to take out a second at a high intrest rate… Help!!!
No exit financing … - Posted by Michael Morrongiello
Posted by Michael Morrongiello on March 26, 2000 at 22:51:05:
Stephen:
The problem with a short term option agreement is what you are experiencing, the inability to cash out the seller completly after such a short period of time and apparently no exit strategy for the financing was incorporated into your agreement to extend the agreement?
I can only offer you some ideas that might work depending on how you address the following issues?
Can you clearly document that you have paid the rental amounts timely?
Did you put funds down when you entered into the option agreement?
What are your credit scores?
Can you get a family member to at least co-sign the mortgage debt ?
Would the seller agree to finance you by carrying back a 1st lien mortgage that could be readily conveted into CASH to him /her at a discounted amount? You would then have to make up the cash shortfall amount out of pocket so that the seller would be whole. Are you capable of doing this?
There is no clear and easy answer. You very well may be at the mercy of the seller who presumably would like to sell this home.
Michael Morrongiello