So the bank uses your money in a share account (drawing .75%) to secure a loan they make to you for 5%?

We couldn't justify paying more than that due to the limited information provided.Well back to the drawing board.

I found out from the neighbors that the house belongs to an old couple (70 yrs +) and I directed the letter in a very helping manner in order to draw a response.I used a Yellow Legal Pad with a blue magic marker, that I tucked in a very thin white envelope with the owners first name addressed on the front.

You're more likely to get a tele-marketing type than a mortgage underwriter on the phone at any large lending institution...back to the drawing board. ;)

I hate to draw a new party into this, but then whoever owns the property now would have cause to go back at my debtor.1.

Ok, we went back to the drawing board last night and decided what kind of cash offer we are comfortable with on this distressed triplex (a 1935 house turned into a triplex in 1995 that has stayed at 90% or higher occupancy since -right around the corner from us - high rental demand area and location is right next to bus stop/technical college, etc)We have been under contract at 71K for 5 weeks.

In this particular case, I’d simply ask if there are any laws that will be broken if you borrow from non-accredited individuals and, if not, tell her to draw up the papers and help you through the process.

We have a lot of attractive features I think would draw people to this home, but if we sell we run the risk of losing a lot of money.

In my state of Tx I have spoken with many experts on financing and I know (and feel comfortable) where to draw the line on what I can and can not do.

Personally, I disagree with you and do not understand the conclusions you are drawing from this bill.