Posted by Edward Nolan on December 19, 2002 at 02:43:30:
In Reply to: Lien on property posted by Gabby on December 19, 2002 at 01:49:00:
Gabby,
I think I've got it.
Have balloon payments on 3 properties (same lender). Started Re-fi Process. Lien placed by partners ex-GF.
Lender says no re-fi Clear lien.
The three properties that need to be re-financed are equity rich and have a value of about 5-1 over the lien.
Possable solution...Give her 1 home! Yup, if you can't beat them, join them.
Are any of them livable?
Form a LLC with her, transfer the title to the LLC.
Both you and her own the home now through the LLC. Lease Option it out getting a down payment from the new L/O Buyer to get rid of the liens. Collect a postve cash flow on it monthly, and tack on 50k to the re-fi amount on the home as his option purchase amount. Re-fi the other two to get rid of your current partner on a buy out of his business shares. Lease option both of these homes out using the same method above to put aprox 30-40k in your pocket. Pay off her liens. When the sale of the lease option home w/her goes through do a 50/50 split w/her. You should still have about 40-50k and be partnerless and ahead of the game.
What a dream hugh?
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