well i dont know how he would have poor credit if he was able to finance the whole edition him self and what not .... but oh well .... i am not quite understanding what falling behind the first lender means. I say this because once he pays the 150k the house will be paid off .... and he will owe the other 30k to me ...
does that make any sense? HERE ill just use the real numbers.. I bought the house for 193k but only had to finance 150k... and he was buying it back for 185,000. He made those mortgage payments but since he couldnt buy it when he said , i told him 179,000$ is the least i will take or i will just go to a mgmt company. I said this because he is the type that wants to be able to control who is in his community etc, plus he is also out money putting some more upgrades and what not in the house so i knew he would not want to lose that money as well.
So after the 150k is paid , the house is simply in my name and fully paid for... so there would be no other lender as he would simply owe me the other 29k and he would make monthly payments plus interest for a year and then pay it off in a balloon payment .... does that make sense?
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