Posted by Lynn (FL) on January 29, 2011 at 15:20:34:
I have a note seller with notes on 2 different properties. He set these up as Balloon Payment only, 18% interest rate, due in one year. One is a SW mobile home with land, and the other is 4 vacant city lots. The seller admitted that there's a good chance the payor will default on one or both of the notes, when the payments come due.
Should I even fool with these? If so, at what kind of discount and what headaches should I be prepared to have?
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