Financing part of the purchase - Posted by Tim
Posted by Tim on May 02, 2007 at 06:57:32:
I have a situation where the owner has a house thats selling for 100K and is worth about 170K he owes 60K and will sell it to me for 100K and allow me to take over the 60K mortgage and hold a note for the additional 40K.
My title company says that they can not do this type of closing in that his 60K is not assumable. So can I get a new loan for 60K to pay off the existing mortgage and still have him hold the 40K in a 2nd?
If so would I have to put a percentage down on the 60K?