Lease Option/please Help
A friend of mine is moving out of town and said he would sell me a house on land contract. He has a 30 year loan that he has been paying on for 10 years with a pay off of $19,000.00. I am buying the house for $23,000.00. My questions is, how can I pay the house off in 10 years if he still owes the bank himself?How do I figure out what my payment would be so we would "both" be free and clear of the loans?
thanks...
It could actually be a 20 year loan. Or maybe he is accelerating the mortgage by paying bi-weekly.
[addsig]