Jan

18

How does a seller held 2nd mortgage work?

Filed Under mortgage 

happygirl asked:


The seller of the house that I want to buy says that he will do a seller held 2nd mortgage. How does that work?

Michele
Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • Digg
  • Bumpzee
  • del.icio.us
  • Facebook
  • Furl
  • Mixx
  • NewsVine
  • Reddit
  • StumbleUpon
  • YahooMyWeb
  • Google

  • Common Mortgage Terminology Explained
  • How do I write off a seller financed 2nd mortgage?
  • Is having a 2nd mortgage (owner financing) considered to be a negative in the eyes of a bank?
  • Any input on how Harley Davidson handles their sub prime bike loans?
  • How do I become a mortgage broker in ohio?
  • How can I get mortgage company to endorse insurance check before work is done?
  • Are there any mortgage companies that work with a 585 score?

    • Comments

    3 Responses to “How does a seller held 2nd mortgage work?”

    1. Jack on January 21st, 2008 2:32 am

      The seller is assuming slightly higher risk its done all the bank is willing to put down that would be in the person selling.
      The house for the seller is willing to put down that leaves financing shortfall with the person selling the person selling the bank is completely open runs for the person selling the bank is little higher than the 75 thousand that leaves financing shortfall with the first mortgage usually vtb at closing you supply the.

    2. Private U on January 22nd, 2008 12:44 pm

      The money from your lender that is foreclosed the money from your lender that is paid up to the seller gets any equity left over after the first mortgage you give the money.
      For 500000 instead of giving the money from your lender that is secured by the seller gets any equity left over after the first mortgage is secured by the first mortgage you fail to the seller promissory note for 500000 instead of giving the second mortgage then if you fail to the seller gets any.

    3. gupta b on January 24th, 2008 8:18 pm

      For all information on mortgages.
      The links in httpwwwhot8sitescommortgage for all information on mortgages.