Financing -- Loans/Foreclosure and Owner Finanacing
QUESTION: Dear Bobbi Buehl,
I would like to know how much money is owed for the following property that was owner financed 14 years ago.
Original Deed of Trust issue April 24th, 2000.
Loan shall bear interest prior to default at the rate of 7% per annum and amortized over a 30-yrs. compounded annually, with a balloon payment due after sixty (60) equal monthly payments of $78.11. The balloon amount will be $11,269.51
**The loan shall bear interest after default at the rate of 10% per annum.
The Grantor paid interest ($78.11) through June, 2002. He paid 25 out of 60 payments and never paid the balloon
We are planning to use a deed and low, which is where the borrowing party is responsible for paying the balance of the loan, plus interest (10%) and 5% for attorney's fees.
ANSWER: I cannot answer your question of how much is owed without know what the original loan amount was and if he applied anything extra to his monthly payment, sorry. As for the rest of your question, I am lost, not sure what you are asking.
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QUESTION: The original loan amount was $12,ooo. Nothing extra applied to the monthly payment.
The amount that is owed should be the $11,269.51, since this person paid the "interest only" portion of the loan, and is responsible for the principal balance that is left. As for the rest of the question, again I do not know what yuo are asking me, but if you want to talk directly with me, please call me at 330.957.9700 as you can better explain what you want to know.