Posted by James Harris on May 28, 2007 at 16:52:52:
lamont, In light of the information provided; I don’t see as to where you have a mortgage to assign or sell. Do you mean that the seller is taking back a second and is willing to accept a small sum for the sale of the second? If you’re buying a place, have 90% financing yet you need 10% to close the deal; you do not have nor will have a mortgage to assign.
Assigning a mortgage - Posted by lamont keys
Posted by lamont keys on May 24, 2007 at 13:06:38:
I am a new RE investor I have a deal on the table I have 90% financing and need 10% I have a investor in mind that I may assign the mortgage to but how exactly does this work?
Re: Assigning a mortgage - Posted by John Merchant
Posted by John Merchant on June 27, 2007 at 15:37:32:
Sounds to me like you’re thinking of getting a private loan for the $10k.
As JH says, this won’t give you anything to assign…but will give you 2 mortgages to PAY: the 1st for 90% and the 2d for 10%.