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Updated over 9 years ago,
#4 Tax Liens & Mortgage Notes Contributor
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- Kingston, WA
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Dodd Frank and balloon payments using contract for deed & LLC
#4 Tax Liens & Mortgage Notes Contributor
- Investor
- Kingston, WA
According to the article linked below, Individuals and Trusts that seller finance one property or less per year (to an owner occupant) can implement a balloon payment.
I'm in the process of doing a carry back financing of a home in S. Carolina using a Contract For Deed with a balloon due in 3 years. APR is 10% fully amortizing over a 30-year term, owner occupied and the buyer completed a financial statement with me.
Currently I'm planning to sell the property under these terms from my LLC which according the linked article above, would be in conflict with DF. Is this a correct interpretation? If so, could I quitclaim the home into a trust with my llc as the beneficiary and execute the CFD and be in compliance or would I have to quitclaim to myself individually?
Any comments/input is appreciated.