Posted by Michael on March 03, 2001 at 19:11:02:
Rico,
A performance mortgage is a mortgage that you have your seller sign to secure performance on his/her part.
It’s a seperate mortage that you will record so that in the event that the seller defaults you can foreclose
causing him to have to fight in court.
Bronchick’s lease option course has a performance mortgage.
Best of success!
Michael KY.