Title challenge - Posted by John Behle
Posted by John Behle on March 31, 1999 at 13:58:32:
Yes, you can refinance and technically in some contracts, etc. don’t need their permission. but, what you “can” do and what you “CAN” do can be different at times. Make sense?
You may have the right to refinance, but as far as the title goes, you may not get a lender or title company to comply without the cooperation of the payor and a “Subordination Agreement” signed. So, you will need their cooperation and need to throw some benefits their way like a lower rate or a trip to Hawaii or whatever. The cheapest thing to give them as an “enticement” always involves the time value of money. You could leave a trail of ten dollar bills to the title company today or you could give them thousands of dollar credit - on the back of their loan - that only costs you pennies or a few dollars in “present value” today.
The advantages of understanding the time value of money are incredible in real estate or paper investment. If I had one thing I would not want to be without in life, it would be my knowledge of the time value of money.
OK, not exactly the “one thing”, but close to the top.