You can plug that in to an amortization calculator to get a general idea of how much they may still owe.A caveat, documents are regularly mis-indexed so liens can apply that you don't find online.

The loan will mostly be needed for about 3 months as a bridge between when we get billed by subs and when we get reimbursed by our regular construction loan.The equity-home mortgage stands at $400k and the house is probably valued around $2M in today's market.I've used Legalzoom to obtain and fill out a Promissory Note and Security Agreement.

I ended up keeping the profit and paying tax on it.  :-(  But I didn't lose.  

Hey - Depending on where the house is, it may sell very easily and for a great price on the regular market with an agent and thus help your cousins each receive a larger portion of the sale.

In that time, the bank will be paying taxes, insurance, and upkeep on the home.

Normally when people think 1031, it's the regular non simultaneous one thru a QI, which Chris was alluding to when he mention timing.Attorneys around here that regularly do real estate closings all tell me they don't understand it, so I still a QI on standby even if they don't hold any funds.

A presale is regular cash out sale - Not much creative but can provide a delay that you will need as an investor to conclude the transaction.If PMI (Private Mortgage Insurance) is involved a company may subsidize the sale even if the property has negative equity.

Does anyone know of a regular REI meetings in Richmond Va or surrounding area?

Its a regular thing for us.

regular MLS