REFINANCING OF PROPERTY TO
MORTGAGE RATES AT 30 YEAR LOWS
WaterBank® commonly finds that property owners who want to sell water rights are unable to do so because of the existence of a mortgage or real estate contract on their property. It is our experience that the holders of mortgages and real estate contracts make it difficult to get a release of the water rights. Or, they may not grant any release at all claiming that they will be saddled with gift taxes or capital gains taxes. However, the water rights when released would be paid for and no tax consequence would develop. Obtaining a Partial Release of the water rights will be time consuming and expensive.
To eliminate the need for all of this effort, we will assist land owners who want to sell their water rights to refinance their entire property at today's low interest rates through a mortgage broker we deal with an have known for more than 20 years.
Interest rates as of October 15, 2001 are in the 6 to 7 percent range for people with good credit. Even those with poor credit can probably get lower rates particularly if the proceeds of the sale of the water rights are applied to the home. The outstanding balance is significantly reduced and the payments may be then within their budget. Both vacant land and residential properties can be refinanced..
If this sounds like an option you would like to explore, please email us.. A recent client in bankruptcy told us that our solution to their financial problem was "like Ed McMahon coming to their door."