Can I create a wrap on a home with a 1st and 2nd? - Posted by Ivan

Posted by Brian (UT) on October 02, 2005 at 13:55:39:

Ivan

Sorry, haven’t been on this forum for a while, and saw no responses to your post. The answer is yes, I’ve done this a couple of times and the only guide is does it make economic sense or is there a better solution. One was a mansion with 5 loans on it.

Brian

Can I create a wrap on a home with a 1st and 2nd? - Posted by Ivan

Posted by Ivan on September 19, 2005 at 16:27:50:

Is it possible to create a wrap mortgage for a buyer of my home in New York State when there is already a 1st and 2nd mortgage?

Stats

$165,000 purchase
Appraised at $173,000

I have a $74,000 1st and a $30,000 second totaling $104,000 in debt service. I have $61,000 in equity.

Buyer has $30,000 to put down. I want to create a wrap, but is that possible when you have a first and second already on the property?

Any insight would be appreciated.