what is the pro and cons of a owner finacing when the bank still holds the title the house is worth 82,000?
The owners who is starting in to assited vital as well as says if a bank finds out which they can direct payment. The understanding is you have been starting to compensate a pretension company. as well as when a credit improves you buy a home.
There are 3 suggestions to question “what is the pro and cons of a owner finacing when the bank still holds the title the house is worth 82,000?”
the seller CAN NOT do owner financing when he has a Mtg. The lender will call the loan due. All Mtg have due on sales clauses in them. The deal will never happen.
If he does not hold the title, it is not owner financing. When you complete the financing, are you sure the money is going to be paid to his bank? You cannot be sure of that. Are you sure you are ever going to get the title. This does not sound like a good thing to me. Have you asked these questions?
of is excellent; a few protections need to be handled;
the seller CAN NOT do owner financing when he has a Mtg. The lender will call the loan due. All Mtg have due on sales clauses in them. The deal will never happen.
If he does not hold the title, it is not owner financing. When you complete the financing, are you sure the money is going to be paid to his bank? You cannot be sure of that. Are you sure you are ever going to get the title. This does not sound like a good thing to me. Have you asked these questions?
of is excellent; a few protections need to be handled;
escrowing of all payments
maintenance
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