Need Help!! With 2nd morg. - Posted by Sherry W

Posted by Ben (FL) on January 26, 2001 at 14:23:20:

nt

Need Help!! With 2nd morg. - Posted by Sherry W

Posted by Sherry W on January 26, 2001 at 07:09:25:

Hi,

Really need to know if someone can give me some advice or where I can go read to find out. I put an ad in paper Owner help w/ financing & have received 27 calls.

Thank you guys(I took your advice). Well, I really don’t know how to structure the 2nd mortgage. Can I just type a contract up with my terms?

A realtor says they can close the deal for $500.00. But I don’t think it includes my 2nd(just getting buyer to closing).

Buyer already has lender just waiting on a contract from me.

I would be greatly appreciated for any suggestions.

Sherry W

Re: Need Help!! With 2nd morg. - Posted by Bob (Md)

Posted by Bob (Md) on January 26, 2001 at 23:23:28:

Another idea you might want to consider is to find a local attorney that specializes in real estate and handles closing. The one that I’m using charges $300 for the closing, and would charge for another half-hour or so to draw up a 2nd mortgage for me. Title search and document prep fees add a little bit more. It’s cheaper for me to use him than traditional title/closing companies.

Thank You. (nt) - Posted by Sherry W

Posted by Sherry W on January 26, 2001 at 14:49:57:

nt

2 places for legal forms… - Posted by Ben (FL)

Posted by Ben (FL) on January 26, 2001 at 14:21:18:

Free legal forms are available at both:


www.alllaw.com

The legal Whiz is Bill Bronchik’s site. IN addition to samples of forms are great articles and courses. Some of the forms are marked “SAMPLE” though, so you should just use them as guides to selecting your own forms…or better, buy Bill’s course.

The Alllaw site has many forms, including a Promissory Note and a Mortgage Deed. The best idea for your first one, however, may be to talk to your title company and ask them to set it up. It will cost a couple of hundred dollars, but the experience of seeing it done right, plus making sure it is done right, will be worth it.

Re: Need Help!! With 2nd morg. - Posted by surfdog

Posted by surfdog on January 26, 2001 at 11:02:41:

I think you need 2 forms; 1: a bond or note that is essentially the IOU for the 2nd mortgage amount. 2: The mortgage instrument, which pledges the property as collateral (subject to the 1st priority lien). You should be able to find these forms online (or have your attorney prep them). I have just prepared them myself. Also include an amortization schedule for the buyer-available almost anywhere on-line. Whatever you do, make sure the mortgage is real and not part of some bogus financing package. Don’t want you to get involved in some mortgage fraud.

BTW-most people don’t realize: when you are buying a prop, you are “giving” a mortgage, not “getting” a mortgage.