Posted by Dave on March 01, 2001 at 18:52:26:
Okay, I’m very new at all this. How and Where for the paperwork for such a deal to be made. Obviously not through a bank but a title company? If the house is appraised or worth $120 - $130 thousand and I’m dealing with about $26 - $27 thousand per relative (3 = $80,000) and my name has been seasoned on the title for a year then couldn’t I refinance through a bank for the value of the home, just based on the equity I would already have in it? Which would then payoff the notes. Or alteast allow a big chunk of it to be paid. Is there anyway to get cash righ away out of this deal to offer some money up front? The reason I ask this is because with what I have coming in, financially, goes right back out. Which is why I thought of possible balloon payments instead of monthly payments atleast until I can get some money from the equity in the home.
Again, I appreciate your time with this. I feel so out of place when it comes to this stuff. Although I’m trying to learn as much as possible as soon as possible.