Posted by William Bronchick on September 05, 2003 at 19:32:52:
When you’re ready to pay it off…
Question for Bronchick and experienced, - Posted by Tom-AL
Posted by Tom-AL on September 05, 2003 at 12:27:39:
…investors
This is a follow up to a question I posted a couple of days ago regarding a Sub.2 in foreclosure.
If I want to cash out on a property using my own money that I purchased Sub.2 how will I structure it?
The home was in foreclosure when I recorded the deed in trust. The lender refused the back payments and is proceeding with foreclosure-date set in October. ARV $85 - $90,000 Loan Balance Approx.$55,000 Repairs $3 - $5,000
Also, the former owners have left town. I have all the proper documents including Power of Attorney. Is there any reason the former owners will need to get involved?
Thanks in Advance,
Tom - Alabama
Re: Question for Bronchick and experienced, - Posted by William Bronchick
Posted by William Bronchick on September 05, 2003 at 15:30:14:
If you have the deed, assuming it was properly executed and no other issues, you have the ability to use it as collateral to borrower new money and pay off the existing loan. Sometimes, in these cases, an institutional lender wants something in writing from the original borrower to get a payoff. This is difficult if the borrower is unavailable!
In your case, however, it is a private lender, so there should be no problemo.
Re: Question for Bronchick and experienced, - Posted by Tom-AL
Posted by Tom-AL on September 05, 2003 at 16:14:08:
Awesome!
Thanks William!
At what point should I disclose to the original lender that I am the owner and I want to pay off the loan?