wraparound mortgage - Posted by Rick

Posted by Myrna Sparks on July 18, 2005 at 08:05:28:

I’m interested in buying a property in Ft. Washington, MD. I’d like to purchase from a seller who would accept a wraparound mortgage.

wraparound mortgage - Posted by Rick

Posted by Rick on June 28, 2003 at 10:07:41:

We are in the process of buying a SFR, and both the seller and us have agreed on a wraparound mortgage. We are financing approx. $3K over what he owes. My question is the due on sale clause. From our experience it is usually the homeowners insurance policy that will trigger everything. What is the best approach in dealing with this situation. Any input would be greatly appreciated.
Thanks

Re: wraparound mortgage - Posted by Jeff Foss

Posted by Jeff Foss on June 28, 2003 at 15:08:47:

Place it in a Land Trust with the name of the property as the Trust name, have the owner show bennificial interest; then assign interest to you. Do not file. Keep in a safe place. Or just contact the Mortgage co. and tell them you are taking over the loan.

Re: wraparound mortgage - Posted by mei122@aol.com

Posted by mei122@aol.com on July 01, 2003 at 22:55:55:

When you say, “do not file”, are you saying “do not record the deed in trust”?