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Federal Trust Deed | Available Trust Deed Investments - 4.64 Acres & Mobile Home in Pala, CA
FUNDED!
LOANS: #7128
SUBJECT PROPERTY: 38750 Pala Temecula Road, Pala, CA 92059 (San Diego County)
4.64 acres with a mobile home. Well, septic and electricity are on site, as well as a pad and plans to build a large SFR.
APPRAISED VALUE: $95,000.00 (view appraisal)
PURCHASE PRICE: $65,000.00
LOAN TERMS
LOAN AMOUNT: $45,000.00
POSITION: 1st
INTEREST: 11%
TERM: 24 mos
LTV: 69% of purchase price / 47% of appraised value
There is a late charge of 10% of the payment (after 10 days)
There are no prepayment penalties on these loans
These loans contain a balloon payment
LOAN AMOUNT: $45,000.00
POSITION: 1st
INTEREST: 11%
TERM: 24 mos
LTV: 69% of purchase price / 47% of appraised value
There is a late charge of 10% of the payment (after 10 days)
There are no prepayment penalties on these loans
These loans contain a balloon payment
SPECIFICS: Borrowers originally purchased subject property in 2004 and had a first mortgage in the mid $300,000 range. After the payments were raised the borrowers were unable to make the payments and attempts to modify the loan with the lender failed. The property subsequently went to sale with an opening bid dramatically less than what was owed. The successful purchaser at the trustee sale has offered to resell the property back to our borrowers at a fraction of what they originally owed.
Our borrowers are coming in with approximately $25,000 cash down. They had started a new home on a pad above the existing mobile home, and it is their intent to restart construction of that home in the near future. They now have the luxury of a much smaller mortgage on the property.
Our borrowers are coming in with approximately $25,000 cash down. They had started a new home on a pad above the existing mobile home, and it is their intent to restart construction of that home in the near future. They now have the luxury of a much smaller mortgage on the property.
Information Subject to Change
