Updated over 17 years ago on . Most recent reply
Need Advice.....
Problem......
I own a rehabbed property that just fell out of escrow. I can no longer continue to pay on the property out of pocket. The good news is that I bought it low enough to rent and cover all expenses plus. The bad news is I took a $52,000 loan out from a friend for the down and repairs that was on a 6 mo. I.O. balloon. I can continue to make the payments to her at 12% which the rent wil cover, but would prefer to be able to pay her back the principal and be done with it. I have had many ideas but seem to run into a roadblock each way. Pulling a HELOC and REFIing would be the best options but the house has been for sale and I don't think any lender will touch it.
Any suggestions from those more experienced than myself would be appreciated.
Thank You