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Seller Taking Back a Second |
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Will a bank carrying the first on a home allow the seller to carry back a portion of the sale price as a second on the property? And will it help the buyer to qualify ? |
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Lending institutions will sometimes go along with a second mortgage, perhaps used as part of the down payment. But they would want that second to come from an institutional lender. When the seller is carrying back a mortgage, there's always a possibility of hanky-panky, paper-shuffling to enable the buyers to borrow more than they could otherwise. So that's out. And in any case, having an additional debt wouldn't make a borrower better-qualified; quite the opposite.
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Edith
Originally published on November 13, 2007 |
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