Posted by Judith on April 11, 2001 at 01:50:49:
What are the possible adverse consequences of “silent seconds”? Could you spell it out? Also the silent second will be recorded, so it’s not strictly sneaky.
Posted by Judith on April 11, 2001 at 01:50:49:
What are the possible adverse consequences of “silent seconds”? Could you spell it out? Also the silent second will be recorded, so it’s not strictly sneaky.
Can I loan him the down payment? - Posted by Newbie
Posted by Newbie on January 24, 2001 at 07:41:35:
Hello,
I have a buyer for a property who can qualify for a new loan monthly payment-wise, but he only has enough cash for closing costs, and not for the down. I have enough equity in the property to finance him the down payment without coming out of my pocket, but I know next to zip about owner financing, and I’m not even sure this would be legal. I’m also fine with holding onto the second for a few years - don’t need to get the cash up front. We would be honest with the loan officer about the second loan, of course. Can anyone point me in a direction where I can learn more about seller carried seconds, or offer any knowledge or advice??
Thanks so much,
Newbie
Re: Can I loan him the down payment? - Posted by Robert
Posted by Robert on February 12, 2001 at 10:01:54:
Take back a second. Amortize it intrest only becoming due in a year or two. Not dishonest either.
Re: Can I loan him the down payment? - Posted by Sean
Posted by Sean on January 27, 2001 at 20:27:33:
It is not likely that any bank would permit that if you’re honest with them. Of course you could always try being dishonest, which creates what is known as a ‘silent second.’ Silent seconds are bad things to have for many reasons. I don’t recommend dishonesty.