Ron Kuhlman's friend was in trouble. After he lost his job and fell behind on his mortgage, the bank foreclosed, though it hadn't yet evicted him, his wife, and three children from their home in Horton, Mich. Enter Kuhlman, a Brooklyn (Mich.) franchise consultant, who paid off the $150,000 loan balance to the bank and effectively made a new loan to his friend by leasing him the house. The friend's monthly obligation was based on a 12% interest rate, but Kuhlman structured the payments so they were lower than those on the original mortgage, allowing the friend time to get back on his feet. The man now has a new job and is seeking a mortgage to reclaim the house from Kuhlman "By the end of the year he should be able to buy the house back," says Kuhlman, who will have earned arnhandsome return while helping a friend.
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