Posted by Michele on February 08, 2001 at 12:41:57:
Ok, I’m confused… If there is an existing loan amount of $60k, and a new loan for $80k are we adding those together or is the $80k encompassing the $60k? And if we’re adding them together, we would actually have loans totalling 140k… $40K more than the sale price. And does this mean the borrower pays the seller for the agreed amount towards the $80k, then the seller would use that money to continue to pay his bank toward the remaining $60k? I’m obviously very new to this concept, and was better at English than Math in school, so is there another way to break this down. Kind of like “Wrap around Mortgages for Dummies”? I hope I don’t sound too much like an idiot.