Posted by BV on August 14, 2007 at 06:33:38:
Thank you all for your responses.
Wrap Around mortgages in Texas - Posted by BV
Posted by BV on August 10, 2007 at 13:10:09:
Hi, I was told that a wrap around mortgages cannot be done because of the underlying existing lien. Since that first lien must be paid off before title changes hand, is this true? Was there a law passed in Tx that changed this? I am selling a property w/ seller financing and can only do this thru a wrap and sell the note after some seasoning.
thank you
Re: Wrap Around mortgages in Texas - Posted by matx
Posted by matx on August 11, 2007 at 13:45:30:
If you’re talking about this, this affects Sub2.
http://www.capitol.state.tx.us/tlodocs/80R/billtext/html/HB02207I.HTM
Re: Wrap Around mortgages in Texas - Posted by gerald(tx)
Posted by gerald(tx) on August 10, 2007 at 16:28:45:
No, you can still go with a wrap and the first lien doesn’t have to paid off.
What you heard was that a law goes into effect Jan 1, that requires disclosure of the underlying lender and access to the payment records online so the end buyer will know that the payments are really being made.
gerald
Re: Wrap Around mortgages in Texas - Posted by Rich-CA
Posted by Rich-CA on August 10, 2007 at 15:39:25:
I have several properties in TX. I have downloaded the recorded images of the deeds. The first lien is embedded in the deed and only the lender can release this.