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It means that the person from whom you bought the property is personally supplying the mortgage financing themselves. (i.e.: they are supplying the financing and not some mortgage company or bank.)
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Who holds the deed the seller holding mortgage or buyer?
the seller holding mortgage
What is the role of the mortgage banker?
The mortgage banker functions in a continuum extending from the seller/builder of the property to the seller's agent, to the mortgage borrower, to the mortgagee (the mortgage banker), and to the mortgage investor
What is a seller's second mortgage?
The seller assigns keeps the first mortgage in his name, the buyer makes payments to the seller to cover the first mortgage and the sellers equity. It's sometimes called "seller financing" or "land contract".
Which of these describes an assumable mortgage?
It can be transferred from seller to a buyer
What describes assumable mortgage?
It can be transferred from a seller to a buyer.
When you buy a house and have a private mortgage can the seller sell the mortgage and change it?
I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.
What is a second trust deed taken back by owner mean?
That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage.That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage.That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage.That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage.
If you are buying a house on contract can the seller make you pay 'mortgage Insurance' on top of the mortgage payment?
Yes, It is typical and customary of all mortgages, does not matter who is doing teh financing. It sounds like the buyer is assuming the seller's mortage. Assuming the buyer has agreed to assume the seller's mortage, if the contract is silent about the mortgage insurance, then it depends if the mortgage insurance is considered part and parcel of the mortgage, or if it is a separate commercial instrument, and thus severable from the mortage.
Does the cosigner on a mortgage need to be on the purchase and sale so the seller is aware of a cosigner?
That is an issue between the mortgage company, the buyer and the cosigner. The seller's only worry is selling the property and getting paid.
What happens if seller dies who gets the house?
In the UK the seller is the owner of the house together with any mortgage lender, the proportion of ownership depends on the amount outstanding on the mortgage. If the seller dies then the 'estate' will own the sellers proportion of the house. The estate will pass on to the next of kin or anyone nominated in the sellers will.
What does held harmless mean in a home mortgage?
In a home mortgage, hold harmless means that a person knows that they accept all of the risks of the home mortgage. This includes any and everything that may happen while the mortgage is being held.
What does owner will carry real estate?
owner will provide 'seller financing" a purchase money mortgage. it could be either a 1st or 2nd mortgage. Seller is willing to provide some of the financing or all of it so conventional financing(banks) are not needed. You sign a promissory note with the seller an IOU a promise to pay.
