Selling taking back a second... - Posted by Charles

Posted by CHARLES HERRING on April 04, 2003 at 09:23:21:

Best advice to give you is that you are both wrong.

Both of you are technically telling lies.

You are making a false reprensetation to the lender to obtain 100 percent financing…

That is not legal----thats “Fraud”.

Be careful, Lender’s today are prosecuting fruad cases that they use to over look.

Selling taking back a second… - Posted by Charles

Posted by Charles on April 03, 2003 at 17:18:58:

I am in contract with a seller who is going to discount the property in question by 20%. To make a long story short, the seller is going to sign a 20% second mortgage at closing and then an immediate discharge. What if I go to closing and he all of a sudden sees what the pmt could be and now says, “sign it.”? I am a little suspicious only because I caught him a small lie about something else, which comprimised my thoughts about him. He stated that he would sign the Discharge of Mortgage prior to closing but, it has to be notarized and all notaries will not pre/post date things. Can anyone give me any advise? I would really appreciate it, I’m a little nervous…