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the seller holding mortgage
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∙ 13y ago
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What is a seller-held second mortgage?
The seller holds a 2nd mortgage in lieu of getting the money from the buyer at close-- that way a buyer can have a partial down payment and a lower first mortgage. Ex. house sold for $100,000, 1st mortgage is $80,000, buyer has $10,000+ closing costs, seller holds a 2nd for $10,000 which the buyer has promised to pay back. At the end of the close, the attorney's have the buyers sign a promissory note and a mortgage note for the sellers. Then per the promissory note, the sellers get a payment every month or a payment every month with a lump sum in a year or two's time. When the buyers pay the sellers off, the sellers will give them a "satisfaction of mortgage" paper that has to be filed at the county court house. This will leave only the 1st mortgage on the property. I do have to say that all this has to be disclosed to the 1st lender and can be turned down by the 1st lender. This has to be disclosed because the buyers have to show that they can afford both payments on the house and the rest of their debt load.
What term is used to describe a type of purchasing arrangement where a seller holds an item for the buyer and allows the buyer to pay it off in a series of payments?
layaway
What is the term used to describe a type of purchasing arrangement where a seller holds an item for the buyer and allows the buyer to pay it off in a series of payments?
layaway
If the owner financier a person not a company holds the mortgage note and he files bankruptcy how does this affect the buyer of the property?
The buyer still owes the money and must pay the debt.
Can an owner let a buyer take over payments on a house if it is still in the banks hands?
It is possible. Some banks and lenders will allow a buyer to assume payments on an outstanding mortgage. You will need to contact the lender who currently holds the paper on the property.
What happens in a real estate contigency if the buyer has not agreed in writing to a new closing date?
It is usually the buyer who holds the contingency (not to buy for some reason), so it would be up to the buyer and seller to agree on a closing date when all of the contingencies expire. Or they can agree to split the deposit and go their separate ways. The seller often keeps the entire deposit unless there is a cloud on title or other reason the property was not in condition to be sold.
Who holds title of a private party sale while still making payments?
The private seller holds the title until paid in full, he should transfer the title to private buyers name and place a lien on title then the title will be mailed back to the private seller and once vehicle is paid the seller signs off on the lien and mails the title to the buyer. A contract/bill of sale should be signed by both parties to the payment agreement established for the protection of both parties.
What is a good faith deposit?
A good faith deposit is a deposit put down on a large ticket item to show you are serious about buying it. It can be any amount agreed to buy the seller and buyer. Sometimes it holds a space or reserves something.
Who can you talk to today about prepaying a home mortgage?
You have to talk to the person or company or bank who holds the mortgage.
What is the difference between the incoterms cip and dap?
With a DAT incoterm, the seller holds responsibility for the unloading of goods at the named 'terminal', and consequently carries the risk, title and associated costs during the unloading. Conversely, with the DAP incoterm, the buyer holds responsibility for the unloading of goods - the seller simply has to bring the goods to the named 'place' and make them available for the buyer to unload. That's the only real difference; the remainder of the definitions are worded almost identically.
If a bank that holds your mortgage fails what happens to that mortgage?
See http://www.fivecentnickel.com/2008/09/22/what-happens-to-your-mortgage-if-your-bank-fails/
What is held present tense?
"Is held" is the present tense of the verb "to hold." It is used to indicate that something is currently being held or kept in a specific position or location.
