Compare Mortgage Quotes

dmonts · Joined: 28 Sep 2009 Posts: 1 1.27 Dollars($)

Is it illegal to do an owner financing on a property when
there is an outstanding loan from the bank with the original owner.

gmakerley · Posted: Mon Sep 28, 2009 9:56 am Post subject:

i see lots of owner-financing questions up here. i cannot fathom how an owner can undertake the financing of a sale to another party while still owing on an existing loan. it's clearly not something that is viable. i am at a loss to understand why a potential buyer/borrower would be interested in such a transaction without legal counsel. it seems nobody wants to be bothered with lawyers anymore.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

You will absolutely need to involve a attroney to getthis legally documented

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

I am trying to do an owner financed contract but the current owner has an outstanding loan on the property. Can we still owner finance and when does he have to pay the lein off? Is is it legal in the state of georgia