Now, use the FV formula in A6 to compute the outstanding balance:=FV(A1/12,A5*12,A4,-A3)This time we use the value from A5 as the years, five in this case.

., outstanding background, were you doing the backroom ops in KY?

Also, in most states a deed in lieu is considered full payment of the outstanding debt, in Texas it must be stated, but in any state, it is always best to state on the Quit Claim Deed that...This deed is given for the full satisfaction of debt....

The lender can usually require you to reduce the amount outstanding in part as well, say your home value is viewed as falling with other properties in the area, they may require the same loan to value remain constant or be reduced.You need to read HELOCs carefully!

I look at sales comparables and population/demographic trends, and look over the area on a map and on Google Earth.Second, I contact the local citizens with regards to the building and if possible, the previous ownership.Police Department can tell me insider's opinion and can give me a breakdown of crime in the area.Fire department - have they had any emergencies at the building recently.City Inspector - are there any outstanding violations?

Outstanding advice from Allen!

Rate and term applies when there is an existing mortgage and you are not looking to borrow more than the outstanding loan balance; you are simply looking for a new interest rate or new term for the payback period.

This means that there is an outstanding mortgage on it.

I was told ideally they want it paid off every year, but was also told they would willing to take payments on it monthly as long as I paid all outstanding interest monthly and paid a rate equal to a 15 year amortization.

But, if the borrower give you a deed in lieu of foreclosure for all amount due and outstanding, you will own it and can rent it.You need to speak to your attorney before you try and buy any note.