Posted by Bud Branstetter on February 09, 2000 at 24:39:22:
When you put the tenant buyer into the property you should have qualified them as to what was needed to get them a sufficient loan to pay you off. If you did not a second is a tool to get most of your money back. On many L/O you may be into the property for more that the 80% which is all the loan they can get. You then have to decide to move on to the next one or work with them to improve their credit. The small seconds become illiquid / unsaleable but can produce income if you structure correct so that you still control the situation. Maybe we can talk about it at AIREO Thursday.