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Updated almost 10 years ago on . Most recent reply
Help Structure my Owner Finance deal PLEASE!
Have a seller that currently has a mortgage on a 2-flat that I'm interested in. He's interested in working out the details of owner financing but want to make sure I give him one option and not 10.
Property is in Illinois
Sale price is 100k
Mortgage of 65k
Taxes 2600.00
I know the seller will have to hold a second but how should I straddle the first lien he already has in ILLINOIS?
I'd also like to use a servicing company to insure the existing mortgage is paid if you have a good one to use.