Selling Dilema, Help!!!

[Jim]

We are thinking of selling our inpark 1990 mfg. home which we have a 50% equity, with Conseco Finance carrying the 1st with all kind of poison pill clauses. If I could carry the paper on our equity it would probably sell faster... We are in a senior park in the high desert of southern California which limits the buyers market. BTW, We bought this just a year ago so most of what we have paid so far has went to interest (we paid 50% down when purchased). Any suggestions on how to handle this??? Thanks, Jim

[J. A.]

Jim

Contact Conseco to find out if they would allow an assumption of the existing mortgage. If so, you will have to negotiate with the buyer to recover your equity.
If they will not allow the assumption, well...I guess you'll just have to swallow the poison pill.

Hope this helps you.

[C. J.]

Jim,

All of the Conseco contracts I have seen ARE assumable. Years ago I had one assumed, (when they were known as Greentree). Your buyer will have to submit an application, as you did, and perhaps a small fee. But your local branch can give you details. As far as your equity, how you retrieve that from your buyer is up to you and the buyer. I had my buyer pay me monthly until paid in full. Good Luck!