Posted by Russ Sims on January 28, 2000 at 23:31:33:
Owner refinances to pull cash out, lets say 30K, and YOU make the payments for him under a lease/option plan. Now the owner may object at taking a mortgage out on a home they own free and clear, because the feeling is that it will lessen their chances of getting a mortgage on the new home. But lending institutions will credit from 75-90% of your lease payment to them as income.This will nearly negate the negative influence of that first mortgage.Please turn CAPS OFF. It’s considered “yelling”.