Who actually pays the mortgage in a contract for deed situation?
Hey everyone, have a quick question. I have been really interested in pursuing some CFD deals, but I want to understand the dynamics of how those deals are structured that way I know how to word an offer. Specifically, when the seller still has a mortgage, who actually pays the mortgage? Does the seller still pay using the funds that the buyer provides via financing, or does the bank create a new relationship with the new buyer? Up until this point, I have secured my owner-financing deals with sellers who have paid off their mortgages. I wish to avoid the direct "mortgage assumption route" and was under the impression that CFD deals are the way to go for that. Just some clarification or maybe a situational breakdown would be great, thanks in advance!