Re: Mobile Home Note/ Paper Question - Posted by jeff
Posted by jeff on October 27, 2003 at 20:58:30:
hmmmm, well i almost agree with the one post about the lease/option. ALMOST. the term lesee and such kinda imply lease, but interest on a lease, not any that ive seen. i think it is a note with just some bad terminology.
but besides that, do i want any part of a note with 40% interest? not in my state i dont. can anybody say USURY? thats a great return, but it violates our usury laws, 19% is our limit here. i have heard some states dont have usury laws on mobile homes, i dont know. if this is one of those states, id have cash in that dudes hand before he got away. but where i live, i want no part of it, UNLESS, i was able to restructure the note with the borrower to give him maybe a discont on the total price but bring everything back within law. if you give this guy a big enough discount to make it worth his time to refinance the usury note with a better termed legal note, and still come out way ahead in the long run (maybe up the purchase price or lengthen the payments to still get your higher return rate, while still giving him a cheaper total pay-out or monthly rate discount) it would be worth my time.