Posted by Dan (NY) on January 25, 1999 at 19:55:23:
I have another question. If I understand this thing correctly you are going to go out and get a new first mortage and leave the existing second mortage hanging out there. I don’t know any banks that would go for that. If I were the seller I wouldn’t go for that!
This seems like a whole lot of effort for not much return. If you love this house so much why not buy it with a 97% FHA mortage at 7% with a 6% seller rebate, you could probably negotiate a much better price with the seller if they didn’t have to hold a second mortage.