Sure, it's better than being below average, but I for one am sick and damn tired of sitting in a friggin cubicle working my *** off for someone else who will lay me off when the quarterly reports dip, chunking money into a 401(k) that earns a paltry 13% per year on average.

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.

I'd want to be damn sure of those comps.

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.

The property must be sold through a realtor at {fair} market value {no fire sales}.Proceeds of sale go to the owner - and are garnished for the amount outstanding to the lender.

. - What is happening with the $38K outstanding land contract on this property?

In those cases I had paid off at least 20% of the outstanding loan, so the total owed was less than 80% of value.

My credit is in the bottom fair range (damn college) with hers in the upper fair range.