All Forum Posts by: Christopher Golder

Update:  Situation has changed significantly.  The bank has offered to push the past due payments and just resume monthly payments with slight increase.  Nothing changed on my end - they simply extended me this offer  hours after making this post.

In the event something changes over the course of a couple months, I will come back with another update, or another offer.  Thank you for taking the time to read this post.

This loan has a $245,000 balance with $24000 equity. Property appraisal opinions range from $270-$310K, and currently insured for full-replacement at $293,000. I pay around $1850/mo on this loan, and recently fell behind on two payments while shifting employment paths (at probably the slowest time of the year to do so). However, I want to creatively finance my way out of this loan and not throw the equity to the bank - while simultaneously keeping my resent struggles from being all in vain. Going forward with my plan, I can meet the monthly payment - I just can't regain enough cash currently to backfill the two delinquent payments. I can continue payments for 12 months (February 2024 thru January 2025), at which time you will need to figure out the payments or see if I want to continue renting from you.

The offer: $6000 Down (which goes directly to the bank to cover past-due and current month). Then, after 12 months of me continuing to live in the house and continuing the $1850/mo. payment, you can take over the 2.99% loan at 3.99% for (X) number of years. At the expiration of which, you pay the loan balance and $4000.

Why all of this makes sense (to me):

You invest $6K into a property that already has 4-5X that amount in current equity. Odessa-Midland home properties (and rentals) are always a hot topic, especially now with high interest rates.

The loan payment for the next 12 months continues through me (the current owner/resident), building more equity for you and allowing me a smooth transition in living arrangements.

During an agreed upon number of years beyond the first 12 months, you will have a mortgage at 3.99% fixed. (Current market at 8%-ish.) The home will have a substantial amount of equity and will more than likely continue to grow in valve.

At the end of the initial 12 months, all that is needed to continue the arrangement is $4000.

All you are doing is investing $6000 today to support that future gain worth potentially 10-15Xs the $10000 you will ultimately pay into it.

I just don't want the bank getting the equity that's currently in there. They should let me access it to pay the two delinquent payments, but they won't. So I'm on a mission to try and keep it from them and give it to someone else, somehow. The bank is your friend until you need a friend