Owner holding 20% - Posted by Neil

Posted by john on March 02, 2005 at 21:53:51:

You can do jail time that way—loan fraud
Disclose the plan going in if the first lender has a problem find a different lender. There are alot of lenders that will do this but it must be disclosed going in. 80/20 100%ltv

Owner holding 20% - Posted by Neil

Posted by Neil on February 22, 2005 at 23:51:55:

I am a realtor, struck deal for friend w/ seller holding 20% of sale price. Want to finance balance at 80% LTV is there a legal way to do this?

Original contract in company name and/or assigns, need to assign to individual for financing. Doing a no doc loan, is it legal just to show balance at settlement then let seller take back 20% note attached to property after 1st goes thru?