All Forum Posts by: Gary Kaucher

We own 6 condominiums in PA, and are considering selling them to the existing tenants with seller financing. I saw Andy's post from a few months back where he was considering Madison Management as a possible alternative to FCI for servicing of  mortgage notes. I am curious if anyone has given them a try.  I'm wondering if a mortgage service company is the way to go, or if it would be more practical to handle it ourselves. Do local banks generally provide mortgage servicing for seller financing? Are mortgage service companies like FCI and Madison mostly used for non performing loans? I'm new to this.

Bill -

Thanks to Brian for steering you my way so you could confirm my fears! I will explore your wise adjustable rate suggestion. 

I wonder what the rationale is for making restrictions tougher on builders? Like you implied, since I built these residential condo units in 1987, maybe that "rationale"  no longer holds true. It would be nice if that was already written down somewhere in DF; I don't want to pay to rewrite DF!  If the builder restriction could be lifted, am I correct in assuming that I could do one seller finance deal (owner occupant) per year with a balloon? Because one a year would be fine with me. 

Will check out the Mr. Note Buyer thread...

Thank you!

Gary

My wife and I are the Declarant for 32 residential condo units that we built in Pennsylvania between 1984 - 1987.  We sold 26 of those units then, and retained 6 units that we have leased out over the past 28 years. Since we still own units, we are still considered to be the Declarant, even though we gave up control of the Condo Association in 1987. We would like to gradually sell the the remaining 6 units, providing seller financing with a 10 year balloon. How do I do this and still comply with the Dodd Frank Act?

-Am I obligated to hire a licensed loan originator? How much should loan origination cost?

-Will Dodd Frank allow me to include balloon payments, or does the fact that I built these condos eliminate me from the 1 time per year exception?

-Is it unwise to have the mortgage servicing done by a national  company like FCI or Green Tree, or are there local servicing companies here in my jurisdiction of Bucks County, PA that could provide this service competitively?

-Does my continued status as the Declarant somehow exclude me from any of the Dodd Frank restrictions? 

Thanks,

Gary