Posted by Chris in FL on May 08, 2006 at 24:40:00:
Thanks. Point taken. I do have a FL re lawyer. He is an investor, too, and came recommended. However, I have done a little work with him in the past, and I am not real comfortable with his style.
I own one other mortgage; a discounted mortgage I bought at creation, to fund a purchase for another investor. It was created by the title company, and has worked out very well. However, I know that doesn’t mean it is a strong mortgage/note.
I have seen the deed thing done here before, but still not sure if it is okay or not. My lawyer is kind of loosey-goosey; he might take a chance on doing borderline legal things if he finds them effective. He sort of says legal is whatever the judge decides (and I have heard from some other investors that the judge here sometimes does what he wants, whether it is the law or not). Kind of scary!
My note will be on an old mobile home; not real easy to sell those, is it? Figured I would almost have to keep it to unless I was willing to take a huge discount. I know it is nearly impossible to finance it.
Thanks again. Best wishes!