Wrap-around in Georgia? - Posted by Al Crozier

import · July 23, 2003, 10:50am

Posted by florence on July 24, 2003 at 13:42:15:

Hello,
I’m also in Georgia, Hinesville that is… I was just about to ask the same question… b’cuz I like the wrap around idea… but I didn’t know that they can’t do that here… WOW… I guess I have to find another strategy… Which area are you at now Al?
Well, if you think about it, Wrap-Around with the seller taking back a second mortgage, you make monthly payments to the seller, using your payment to cover his 1st mortgage payments and possibly monthly cash flow from you… so, it’s possibly not involving a bank, or other mortgage/loan people…it is definitely the seller that you’re trying to negotiate with… depends on his/her willingness to participate in the financing… well, I hope to hear from you soon…email me @ fololegi10@yahoo.com and am glad to have you as a friend… take care…
florence

import · July 23, 2003, 10:50am

Posted by Al Crozier on July 23, 2003 at 10:50:12:

I’m putting together an owner-financed deal in Georgia. There’s an underlying note on which the seller will stay for at least three years. We’re trying to wrap the whole purchase around that existing note. I’m getting information that says you can’t do that in Georgia, at least not that way. Anyone have experience in Georgia with doing a deal this way?