[DON WEDE]

DON WEDE

Yesterday I signed a little deal into affect. Back in 1996 I sold a house on contract that I had aquired via tax deed to a lady. She paid it off as agreeded in 2003. I got a call that she needed a loan of $6,000.00 for some small repairs and to help her son get his dirvers license back.

I had a private investor how had a piece of this deal, way back wanting a small deal.
He was familar with the collateral and the payer, so we put it together. He gets $250.00 a month at 8% until his yield is receved. I get the tail end. The note payer is paying $250 per month 13% interest on $6,750.00.

I also said to the payer at the start that I would be intrested in being able to buy the house back from her some time in the future. She said how long, and I said 20 years. She said she would not even be alive by then, but she would talk to her son and see what he thinks. He will inherit the property. The son had no problem with the arrangement.

We signed the deal at her local bank yesterday. Documents were Note, Mtg, Closing Statement, Amortization Schedule, Option Contract, Mtg of Option and Escrow package.
I will hold the escrow.

I will collect the payments and forward on to investor. The paper work to the investor is an assignment of Mtg. It states that when he receives his return on investment that it will be assigned to me.

If it can be a learning device I would be glad to share the documents. Also any questions I would be glad to intertain.

Don Wede