Lease Option Question - Posted by No Other Investor
Posted by No Other Investor on August 12, 2003 at 17:20:48:
I would like to know if you are dealing with a person going into foreclosure and they would like to lease back the property to you, don’t you have to have them deed you the property and also wouldn’t you want to refinance the current loan so the loan can be in your name and so that you may get a lower interest rate, but still have them paying you the the montly like they were paying on the loan that was originally on the property so you can have some additional monthly monies coming in? Can you refinance the loan out of their name, because if you keep it in their name what would be the impact if they filed bankrupcty? and they see the loan is in their name? Also, because you put down a considerably amount of money to stop the foreclosure and refinanced the loan, wouldn’t it be wise that the benefit of doing a lease option is to pull out equity and invest elsewhere while waiting for the tenants to get themselves together and get a mortgage approval to buy you out at the current property appraisal? What do you guys think?