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Generating Cash at Closing for the Buyer Chp: 16 (1 viewing) (1) Guests
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TOPIC: Generating Cash at Closing for the Buyer Chp: 16
#6871
Steven Ransom ()
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Generating Cash at Closing for the Buyer Chp: 16 6 Months, 3 Weeks ago Karma: 0  
Using a Sale-Leaseback Technique:

On page 16-7 of chapter 16 Generating Cash at Clossing for the Buyer

An illustration using this technique, assuming you find a property that is facing forclosure.

illustration: The property apprasied value is $85,000 The onwer has a $65,000 mortgage on the perporty but fell behind due to jov layoff. The owner is behind eight months for a total arrearage including fees and costs of $5,000.

Where I'm having a problem is after eight months of a layoff the mortgage payment is still due at 65,000 (mortgage) or what ever the mortgage monthly payments are.

[b]My question is[/b]: Is the mortgage due include in the costs and fees as well? When you (the buyer) obtain the property and the owner repurchase the property at the end of the lease term. And is this also include in the loan (the buyer takes out for the property) with 100% financing.
 
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#6885
MarcW ()
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Re:Generating Cash at Closing for the Buyer Chp: 16 5 Months ago Karma: 0  
it's my understanding that the "new" mortgage you obtain covers all the past due amounts and the balance of the existing mortgage plus closing cost's if you are paying (the seller may have even added that into the selling price if they are offering to pay the closing costs). There is a box on the new mortgage paperwork that needs to be checked in order for you to get cash back. I only used it once so i forget which one without digging through my old paperwork. The sellers monthly payments are of no concern if you are getting a new mortgage.
 
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