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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Tell me more... Posted by whyK on March 21, 2004 at 4:31 PM In Reply to: Tell me more... posted by Ward-CA- on March 21, 2004 at 8:47 AM : : Hi. : : Is offering partial interest deal to defaulting owner in exchange of reinstating the loan both a good idea and legal in California? I've read the code, but I am not sure. : : Thanks. : : -whyK : ==================== : I’m sure it would be legal if you follow all the requirements of CC §1695. : But from a practical point of view, I don't know how good the idea is. It seems to me you’d be playing an uncertain waiting game to cash out your interest upon the sale of the property. And that would depend on the whim of your owner/partner. : And wouldn’t you be faced with reinstating the existing financing frequently if you haven’t cured the underlying cause of the foreclosure? : To force a sale you’d have to resort to an action in partition. : Well, you’ve got me intrigued. What’s the scenario you envision making this type of deal? Have you ever done this or has anyone you know ever done a partial interest transaction? Hi Ward, I am the struggling newbie who sent you e-mail and asked about your training schedule in April when my shoulder is better. I do not know anybody who has done this either. I've been just thinking about ANY possibilities here, since I am very hungry. I have been seeing many defaulting owners selling their houses quickly by listing with agent. I was thinking if I can offer the owners a way to solve their problems without selling the house, it might have a chance. Thanks. -whyK Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : Hi. : : : Is offering partial interest deal to defaulting owner in exchange of reinstating the loan both a good idea and legal in California? I've read the code, but I am not sure. : : : Thanks. : : : -whyK : : ==================== : : I’m sure it would be legal if you follow all the requirements of CC §1695. : : But from a practical point of view, I don't know how good the idea is. It seems to me you’d be playing an uncertain waiting game to cash out your interest upon the sale of the property. And that would depend on the whim of your owner/partner. : : And wouldn’t you be faced with reinstating the existing financing frequently if you haven’t cured the underlying cause of the foreclosure? : : To force a sale you’d have to resort to an action in partition. : : Well, you’ve got me intrigued. What’s the scenario you envision making this type of deal? Have you ever done this or has anyone you know ever done a partial interest transaction? : Hi Ward, : I am the struggling newbie who sent you e-mail and asked about your training schedule in April when my shoulder is better. I do not know anybody who has done this either. I've been just thinking about ANY possibilities here, since I am very hungry. I have been seeing many defaulting owners selling their houses quickly by listing with agent. I was thinking if I can offer the owners a way to solve their problems without selling the house, it might have a chance. : Thanks. : -whyK Optional Link URL: Link Title: Optional Image URL: [ 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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