I have been offered two $30,000 listings with $100,000 each in financing. Owner has a 3 $20,000 houses free and clear. What are the chances that lender will demand a note secured by the free and clear properties in this situation?
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pretty much zero. They may want a note or contribution, but that's about it.
Another option is to put the 3 20k properties into a trust so it doesn't show on a title search based on name.
Satar I hope you are not advocating the hiding of assets?
Hiding? Maybe protecting?
I advocate any legal solution to negotiate the best outcome for my clients in a debt settlement.
Barry - Some smaller, regional lenders might be interested in that option. Generally, the national lenders don't look to other properties to collateralize to allow a short sale.