Posted by Michael Morrongiello on March 17, 2000 at 13:14:35:
If I am hearing this correctly there is no equity here?
It sounds like this home owner was lured into accepting one of those 125% loans. He is “trapped” at this time. He owes more than the house is worth and should probably threaten to walk away from it which might bring the 2ndl lienholder into some negotiations.
Michael Morrongiello
Possible deal need advice - Posted by Prudy
Posted by Prudy on March 17, 2000 at 10:33:34:
Owner of house is in over his head. He tried a lease option to buy but messed it up and has to give back the down payment. He has a mortgage and a home equity against property. Currently renting property and going in the hole at $100.00 a month. Paid 31K for house and equity loan with same bank is 13K. He wants out of the trap any suggestions?
Re: Possible deal need advice - Posted by Mark-NC
Posted by Mark-NC on March 17, 2000 at 13:34:18:
Prudy,
There may be some way to do this but I need more information.
*what is the Value of the property?
*what are the terms and payment of the first MTG?
*what are the terms and payment of the Equity loan?
*How much do you think this property would appreciate in a year?
If you can answer this We may be able to put something together.
Mark