Guest PHILW Report post Posted April 15, 2004 Help, I'm going to show a property today at 2 pm central time to someone seeking owner financing. The lady is willing to put 25-30k down. The question is if this is doable. I just got the property from my brother whos going through a divorce for 6k down and financed the rest at same interest rate as he has on his existing mortgage. Now can I turn around and finance to her. If so could I also get the loan re-financed and out of my brothers name say after 3 years when the early payment penalty on his loan is up and the ARM takes effect? Any help on this would be greatly appreciated. PHILW Share this post Link to post Share on other sites
Guest Darryl Sandoval Report post Posted May 29, 2004 What you're doing is called a "Wrap Around mortgage". You gave 6K to your brother & took over his loan. You can indeed sell & create another mortgage AKA Land contract and sell for a higher sales price & payments. You can make the owner financed note or Land contract balloon after 3 years at whicj time your brothers original loan will be paid off. You would keep the difference at closing. Darryl Sandovalwww.ezreinvesting.com Share this post Link to post Share on other sites