Posted by Michael on March 30, 2005 at 10:07:42:
WHAT ???
Creating your own mortgage - Posted by BLH
Posted by BLH on March 30, 2005 at 09:42:03:
Would this work & would it be legal. Homesellers are motivated to sell me their home at 20% off the fair market value. In order to fund the deal, I create a 80% loan to value mortgage and pay 6 months of payments upfront, then sell the mortgage at a discount up to 15% - 19%? If this wouldn’t fly, how could I fund it when the homeseller will not offer any financing, nor a subject to?
Re: Creating your own mortgage - Posted by Andy
Posted by Andy on April 26, 2005 at 20:20:03:
Don’t worry, I understand what you’re trying to do. I am looking into the same thing. At this point, I don’t think it works. There is an article on this site that JP Vaghn wrote. Apparently they do it. I’ve showed that article to note buyers and they don’t get it. I don’t think it can be done. Try emailing JP Vaghn.
Re: Creating your own mortgage - Posted by Drew
Posted by Drew on March 31, 2005 at 12:05:20:
"“Would this work & would it be legal. Homesellers are motivated to sell me their home at 20% off the fair market value”
What is your motivation? .357 magnum?