Posted by jeff on April 25, 2002 at 19:28:06:
those are smoe steep terms you have there. i personal;ly dont see much here. with that number so high onm the monthly payments chart im gonna assume it includes taxes and insurance. best thign to do here is call the bank and get verification on the loan status. they will know just how assumable the loan is. they may not agree with your subject to deal since they are already involved in the transaction. you can normally do a pretty good job of hiding your sale, but since they are already watching this porperty closely, they have a good chance of catching it. but since it is a non-performing loan at this point, they may allow you to catch up the back payments and assume the loan with no arguments. call and find out. you dont wanna pay 4,000 in back payments then the bank take the property anyway. id say at that high interest rate theyd rather keep that loan performaing than take back the money to only lend it out at 8 percent somewhere else. you shuodlnt have much trouble asuming that debt, unless they have a particular interest in that property. but i have a hard time seeing very much money in this deal to begin with. a quick flip or maybe a 10% inflated L/O is the only way i see any money in return.