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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] uncooperative private lender in sub -2 Posted by Ellis on June 04, 2010 at 6:07 PM I am contemplating buying a property sub-2 with a private lender in 1st position TD 7% for 20 years . My goal was to do a wrap & sell it it to end buyer @ 1x% 30 years. I called the private lender because there is a due on sale clause & wanted to create a good relationship. I proposed that I bring the loan current & even pay a few months in advance to continue taking over payments. Well that plan backfired, the lender got all hot and bothered & doesn't want to work with me & says she will foreclose on the property & resell it( she thinks she will be able to turn it for a profit) & then called me a bottom-feeder, I was flattered to be labeled as such (pot calling the kettle?). However, I am needing to bounce this off some of my fellow bottom feeders out there. What should I do next? I already have a deed from seller to a title holding trust with her as trustee & and a subsequent deed naming my company as trustee . My question is , what should I do to minimize the risk of her putting on a full court press to call the loan & make my exit strategy a bit murky. I suppose I could rent it but my heart was set on wrapping the damn thing in my roth ira & I have already been mentally banking the return. Any advice? Thanks Ellis Follow Ups: Re: uncooperative private lender in sub -2 Rick Harmon 7:25 PM, 06/04/10 (2) Re: uncooperative private lender in sub -2 Ellis 10:31 PM, 06/05/10 (1) getting interesting:next move Ellis 8:27 AM, 06/10/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I am contemplating buying a property sub-2 with a private lender in 1st position TD : 7% for 20 years . My goal was to do a wrap & sell it it to end buyer @ 1x% 30 years. I : called the private lender because there is a due on sale clause & wanted to create a : good relationship. I proposed that I bring the loan current & even pay a few months : in advance to continue taking over payments. Well that plan backfired, the lender : got all hot and bothered & doesn't want to work with me & says she will foreclose on : the property & resell it( she thinks she will be able to turn it for a profit) & then : called me a bottom-feeder, I was flattered to be labeled as such (pot calling the : kettle?). However, I am needing to bounce this off some of my fellow bottom feeders : out there. What should I do next? : I already have a deed from seller to a title holding trust with her as trustee & and a : subsequent deed naming my company as trustee . My question is , what should I do : to minimize the risk of her putting on a full court press to call the loan & make my : exit strategy a bit murky. I suppose I could rent it but my heart was set on : wrapping the damn thing in my roth ira & I have already been mentally banking the : return. : Any advice? : Thanks : Ellis [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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