Posted by JohnBoy on May 04, 1999 at 09:42:09:
Almost forgot. You assign your deal over to your buyer by selling at retail. Use their down payment to pay the back payments due to bring the mortgage current. After deducting their down payment from your retail price, you assign the first over to them and carry back a second on any difference between your selling price minus their down payment and the amount owed on the first. You pocket a nice profit up front in cash, plus you get a nice little monthly income off the second. Even if your buyer was to default on your second, so what, you made your profit from the down stroke. Anything they pay on the second is extra gravy on the deal. But if you wanted you could always take the property back to protect your interest in the second and resell the property again if you felt is was worth the trouble.