Wrap around Mortgage - Posted by BV

Posted by chandlerazguy on May 10, 2006 at 23:02:09:

As far as taxes and insurance, that will go throug the title company, but most likely, the buyer will pay them seperate. As far as the orig note being called due, that rarely happens as long as the payments stay current. Lenders want to lend money - not own houses. But if the owner is planning to hold the property for more than a few months - then have them form a land trust. Do some searches on subject to and land trusts. Good Luck!

Wrap around Mortgage - Posted by BV

Posted by BV on May 10, 2006 at 18:41:04:

Hi, I will be selling a property through a wrap. Since I have never done this before I am unsure on a few things. Should I collect for taxes and insurance? Or should I designate another company to open escrow for this purpose? If so, who?
When the new owner files for a homestead exemption, how can I prevent my original note holder from calling the mortgage due (DOS)?
What’s to stop the original lender from starting a DOS if I sell this way?
Thanks