Posted by Cindy Irish/Capital 500 on November 07, 2000 at 15:51:11:
Randy:
Sounds to me as if your client is looking to refinance based on your posting. If this is the case let us know and we can give you some ideas. If he is looking to sell the property and pay off his contract for deed while carrying a new contract for deed or note and deed of trust we’ll be glad to help you structure this also. However let’s clarify exactally what your client needs.
Cindy Irish
Capital 500 Funding
New Problem For Me - Posted by Randy M
Posted by Randy M on November 07, 2000 at 10:21:50:
I normally don’t get involved with paper-only deals, but the other day I saw an ad that said, “Need someone to take over contract for deed.” Well, I thought I could help them solve their problem by a L/O or taking their property subject to. Turns out that the guy has a house that’s worth about $19,000 and he owes $10,000 on a contract for deed. He just wants to pay off his contract for deed and start with a new private note. I’d like to get in there and help him if it’s worth my while. Any ideas on how I should structure this? Thanks for your help!
Convert the CFD or cash it out - Posted by Michael Morrongiello
Posted by Michael Morrongiello on November 07, 2000 at 16:14:32:
Randy:
It is feasible for you to earn a brokerage fee for assisting the payor (borrower) on this CFD contract for deed to either cash out the holder of the CFD or to restructure it or its payments so that the CFD can be coverted into a more tradtional mortgage (or trust deed) where legal Title is conveyed to the payor.
The 1st step is to obtain a copy of the CFD and confirm some info on the payors employment and credit? Also see if there is way to document that the payments on the CFD can be provided for the last 6-12 months.
With this infomation and documentation in hand a solution can be formulated that hopefully with work for the holder of the CFD, the payor, and you.
Feel free to contact me if you need some assistance
To your success,
Michael Morrongiello