Results 1 to 2 of 2
LinkBack URL
About LinkBacks-
05-29-2007, 09:12 AM #1
Condominium
- Join Date
- Jan 2007
- Location
- Palm Beach Florida
- Posts
- 225
Wraparound Mortgages in Florida
I am interested inlearing more about wraparound mortgages. I hear is it not legal in some states and many banks do not allow it due to the due-on-sale clause.
Any idea on how to get this to work for buyers who are cash poor and have good jobs get into homes in an nontraditional way?
-
05-29-2007, 10:13 AM #2
Condominium
- Join Date
- Mar 2007
- Posts
- 199
The way I understand it, it's often not possible because the sellers mortgage must be assumable or allow a wrap, and the seller has to be willing to take on the risk of the 2nd mortgage and it works against their debt ratio.
I think it would be simpler, and less risky, simply to offer money for down payment.
-Tim
Reply With Quote
Bookmarks