All Forum Posts by: Mike Chung

Perfect... thanks for the feedback everyone!

Also, need to know if there are any back payments that need to be made as well.

Quick question... what is the best way to find out information about a seller's current mortgage terms?... ie is it an ARM, does it have a balloon payment, prepayment penalty, interest rate, amortization period, is there a second mortgage... etc.

Interested in doing sub2's but don't want to make someone else's problem mine if the terms aren't favorable. Prefer to do this without relying on Seller's statements and not sure if their mortgage statement would have all of this info on there. Any help would be greatly appreciated! :D

Thanks Peter for your quick response. That does answer some of my questions... I appreciate it!

I have a couple of questions regarding contract for deeds... if anyone can provide me with any input it would be much appreciated!

How does defaulting on a contract for deed effect the buyer’s credit?

What happens if the seller, for whatever reason, doesn’t make their mortgage payments and the mortgage company forecloses? Is the buyer just out of luck?

Also I'm a little confused with regards to what happens if a buyer wants to turn around and sell a home that he "purchased" as a contract for deed: What happens if a person owes 300K on their mortgage. Buyer purchase it for $200K as a contract for deed and decides to sell it shortly after they “buy†it? Who is held liable for the extra $100K?

Hope these aren't too much in the way of newbie questions... but I'm just trying to figure out how all this stuff works. Thx!