Posted by GL(ON) on December 05, 2006 at 18:15:39:
“I’m sure about jail time, but it isan actual law only if you want to refi and get cash-out. The banks sure will refi but no cash out. That being said, I don’t know any other options that might prevent me from accessing to this equity including note discount option.
Again, thank you for the education. I truly appreciate it.”
If that is the case how about offering the seller a second deed of trust on your house? I know the banks hate it when you put one on the property you are buying but if it is another property they couldn’t care less.
Here is what I mean.
Let’s say you offer the seller $500,000 for his property.
$475,000 in the form of cash
$25,000 in the form of a note secured by your house.
You could even give the seller a note for $50,000. Take out a mortgage from the bank for $475,000. And get back $25,000 change at closing.