Wraparound Mortgage Help

[Greg Cook]

Hey everyone, I have a home in outside of Austin I am interested in selling through a "wraparound" mortgage. Any investors here have experience doing this and/or have referrals of real estate attorneys and title companies familiar with this strategy? Thanks!

[Chris Seveney]

Quote from @Greg Cook:

Hey everyone, I have a home in outside of Austin I am interested in selling through a "wraparound" mortgage. Any investors here have experience doing this and/or have referrals of real estate attorneys and title companies familiar with this strategy? Thanks!

 I recommend a guy named William Tingle - he has a fb group, not sure he is on BP. But highly recommend.

[Joseph Chiofalo]

Hi Greg, 

You can reach out to Equity Settlements, in NY. Their team can assist you with legal / title questions. 

[Andrew Postell]

@Greg Cook thanks for the post here.  Always great to hear from a fellow Texan.  Wrapping a mortgage in Texas has become a lot different in the past couple of years.  I would highly caution against using anyone outside of our state...one mistep and your borrower could get the entire mortgage balanced erased.  Texas DOJ is actively investing this...so maybe your one loan may never even get picked up by them - by why risk it?

My recommendation here is to get with some Austin investors right away. If you are local, then try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. Some of those facebook groups have thousands of members. Eventbrite too. But post locally for this and ask what service providers other investors are using. That’s the best bet.

Hope all of that makes sense.

[Greg Cook]

@Andrew Postell thanks for the insight. We are not local, we live in Portugal, so meetups are a non starter. Utilizing Facebook groups is a great idea. Thanks! We are planning on using someone local to make sure all applicable laws and regulations are followed as we understand this is not a generic transaction.

[T. Alan Ceshker]

I have a law and title office and we close dozens of wraps each month.

We can help you from start to finish.  The landscape is changing some -- so we are taking certain steps pre, during and post closing to help protect the transaction.

We also have hundreds of investors to shop you opportunity to.

Reach out and we can guide you along the way.

[Ryan Kelly]

I highly recommend connecting with @T. Alan Ceshker in Austin. He's one of the few with a lot of experience in this arena.