Owner financing and creating the mortgage - Posted by JD Orlando

import · July 19, 2002, 8:52am

Posted by SDM on July 19, 2002 at 19:11:24:

I would not try to create a note by yourself at first. If you set it up incorrectly, you will have a difficult time selling it, or, you will have to take a bigger discount than expected. We have pensions that will purchase the note at closing.

import · July 19, 2002, 8:52am

Posted by JD Orlando on July 19, 2002 at 08:52:23:

I have been reading many of the posts and have not found the answer I’m looking for.

I would like to use owner financing to sell my next prop. My questions are:

Can I create a mortgage with a standard mortgage form?

Now, I want to be able to sell that 1st position to a note buyer, so I create a second mortgage.

Is the second mortgage created with the same contract I used to make the 1st(Not on the same 1st mortgage, just using the same contract).

The forms I have are from the Carlton Sheets program. There is a standard mortgage contract to use.

If I have left out anything please feel free to ask ?'s

Thanks
JD