I have a note that will be due in November. I have spoken with the note holder, and he is unwilling to extend the note beyond this time. I have a couple of questions.
Can i arrange for someone else to buy the note, and pay them a flat cash fee to take the note @ 7% for another three years.
I have assets, and can pay off the note, but would prefer to keep it out there, even if I need to pay a little bit of a higher rate.
The note is in second place to a first on my Condo in san francisco. the Value of the condo is conservatively 750k. The first is for approx. 289k. So the total LTV is approx. including the note is approx 60%
It seems to me that there must be a way to have someone take over, or buy this note from the seller, and I will pay the commision.
Any help or suggestions would be appreciated. Thanks R
P.S. What happens if i am late paying of the note. Can he forclose on my property??
PSS I have a credit score over 700, and net assets well into six figures. I do not know i this matters when coming up with a number for the discount.
I own a building with six other people. We each own the units like condo’s, however there is only one loan o the property. TIC’s as they are called, are a popular way for peple to buy rental units in SF, and convert them to condos. There are very restrictive laws that govern the use of a building that was at one point under the San Francisco rent control ordinace. The only down side is the situation we are speaking of. Trying to get financing can be difficult. I do have the option of refinancing the entire property, but would have to come up with all the costs and fee’s since I am the onlyone interested in doing the re-fi.
:cool first off 2nds are very hard to sell // next yes any note can be sold but it sounds as like you are just about to pay it off ( just pay it off ) as you have the means you just want more time to do so you knew this day was comming when you made the note
YES the holder of the second can foreclose on you but being asecond there is a bit to it //// and you have to still pay on your first
YOU have to get your holder of the second if you want it sold to agree to sell it and yes being a second it would be a big discount ///// and the holder may not want to take this big of a cut to make you happy ??