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jayob: "JAFO, Thank you for your concern."

Your welcome.

"As wradicals said, "That's your call, but only if your primary reason is to get the cash earlier rather than later." And that is the situation."

Ok. You know your deal and your reasons and you certainly do not need to explain them to me or in detail on a public board.

910 - 250 = 660 Note amount.

Interest only, no principal payments per your ealier report.

60, less or 10% reduction of the Note amount.

Not a horrible haircut, in terms of selling a note; many note buyers would ask for a bigger discount.

"This has not finalized, and I am working very hard to avoid the scenario I described. However, it is worth $ to me to avoid the issues of foreclosure and regaining responsibility for the property."

Ok.

"How much $ is it worth to me? not really known at this time."

At least 60k per the above; perhaps even more? Seems expesnive to me, FWIW.

California has the one-action rule, non-judicial power of sale and as I understand it PM finacing is non-recourese, so the it would costs of non-judicial foreclosure sale, potential bankrupcty, holding costs (which depends upon estiate time to re-sell) and broker's commission.

Assuming that it would cost a 60% commission and sell for at least $800,000 that would be 46k commission that you save.

"But, thanks to the real estate market here in California, the real value of the property has plummeted since the original deal was struck.

Again, thank you for your concern and warning. I do appreciate that."


The concern that was also lurking is that you sold to a related party and the reduction is really more in the nature of a gift, especially if the buyer is not sharing any of the price loss related to the price depreciation.

Just my $0.02.

Regards, JAFO
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