How do I... - Posted by Paul_NY

Posted by Jim Davis on February 04, 2000 at 20:01:54:

Paul you should go ahead and record the mortgages because it has no effect what you can get for the note with a little seasoning.
If there is a prior 1st on the house than that will hve to be paid off because you can’t have 2 1st liens on a house.
You could also just sell the note at the exact same close and be done with it.
The flipside of that is the note is worth less because there is no seasoning involved(the buyer’s credit also will play a big role in pricing).

Hope this hopes.

Jim Davis

How do I… - Posted by Paul_NY

Posted by Paul_NY on February 03, 2000 at 23:57:43:

I?m selling my home with owner financing the following way:

$30000 sell price
$1500 down
$24000 1st mtg 12% 15yrs
$4500 2nd mtg 12% 15yrs

My plan is to sell first mortgage after the buyers pay on it for 3 months and use the proceeds to pay off the existing 1st on the property.

Should I only record the new title and not the new mortgages until I sell the note? How is this handled? Does the underlying 1st have to be paid off before I can sell my note?

Thanks in advance.
Puzzled