KEEPING EXISTING LOAN

[Michele Jefferson]

Hi,  I need some clarification on a unique situation.  I have a deal whereby the Buyer wants the Seller to carry back 50% of the loan in the second position.  The first position is a Private Money (50%) to the Seller at the close of escrow.  The Seller has an existing loan on the property that she wants to keep in place and continue paying on and holding 1M in a trust account in the event the Buyer defaults on his obligation.  Can this be legally done?  Thank you.

[Michele Jefferson]

Hi Bill,  Thank you so much.  That helps a lot.