http://noteinvestor.com/sellers-corner/should-i-carry-back-a-second-mortgage/ Everything you need to know to Buy, Sell, or Create a Note! Wed, 16 May 2012 00:56:04 +0000 hourly 1 http://wordpress.org/?v=3.3 http://noteinvestor.com/sellers-corner/should-i-carry-back-a-second-mortgage/comment-page-1/#comment-18534 bill reinhardt Wed, 21 Mar 2012 16:07:04 +0000 http://notesellerblog.com/?p=135#comment-18534 Boy! Do i ever WANT a second mortgage... i own my $400K home outright and would love to make a sale to someone who is getting reamed by the real estate market today... make a deal made in heaven, if possible... but i need some "how to git-r-done" advice ....my super-scenario; i offer a "zero-cash down deal" at $400K ...and my buyer will need to go get a First Mortgage, from any lender (like an Easy Orange loan from ING) for the first $250K ( ....62% LTV) and i would hold a second note for $150K for 5 years with "interest only payments @ 6% year .... Payments on 1st note only $1000per/mo + $750 interets only payments on my second = $1750 per mo. P&I !!! ...less than rent on my super home and i get 6% return on my note (...i'm retired and can use the mo. income) PROBLEM; how can i structure the sale so buyers can 'qualify' for the 1st note (...most lenders will NOT allow the secondary financing to occur simutaneously at closing .... Do you have any ideas on how we can do this deal.... Thanx Boy! Do i ever WANT a second mortgage… i own my $400K home outright and would love to make a sale to someone who is getting reamed by the real estate market today… make a deal made in heaven, if possible… but i need some “how to git-r-done” advice
….my super-scenario; i offer a “zero-cash down deal” at $400K …and my buyer will need to go get a First Mortgage, from any lender (like an Easy Orange loan from ING) for the first $250K ( ….62% LTV) and i would hold a second note for $150K for 5 years with “interest only payments @ 6% year ….
Payments on 1st note only $1000per/mo + $750 interets only payments on my second = $1750 per mo. P&I !!! …less than rent on my super home and i get 6% return on my note (…i’m retired and can use the mo. income)
PROBLEM; how can i structure the sale so buyers can ‘qualify’ for the 1st note (…most lenders will NOT allow the secondary financing to occur simutaneously at closing ….
Do you have any ideas on how we can do this deal…. Thanx

]]> http://noteinvestor.com/sellers-corner/should-i-carry-back-a-second-mortgage/comment-page-1/#comment-2643 Inspiration By Experience Sun, 17 Jan 2010 16:02:28 +0000 http://notesellerblog.com/?p=135#comment-2643 It's a good tip and important for someone who wants to have a mortgage It’s a good tip and important for someone who wants to have a mortgage

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