---

Purchase Money Mortgage

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
Sam Site Admin Joined: 21 May 2005 Posts: 813 Location: CALIFORNIA 347.04 Dollars($)	Posted: Fri Jun 18, 2004 4:24 am    Post subject: Purchase Money Mortgage Like 0 Dislike 0 Purchase money mortgage is a home financing technique by which a buyer borrows from the seller instead of from the bank. Often both the seller and the bank are involved in the transaction and both of them make loan advances for financing the property. Purchase money mortgages provide you with an alternative when you fail to qualify for a bank loan or the entire loan amount. Such home loans are commonly known as seller financing or owner financing. Most of these home loans have a loan term of 1 or 2 years or they may also continue up to 5 years. Prior to getting a purchase money mortgage, a lender should provide you with complete copies of the appraisal or other documents that are helpful in evaluating the property-value. Related Article: Owner Financing
Ray Guest	Posted: Wed Jul 02, 2008 8:37 am    Post subject: purchasing property Like 0 Dislike 0 I was going to purchase a property for a owner. we went down to the bank he had the loan and I paid off the loan and the bank in holding the title until the sale is final. a few weeks in the the purchase I did not want the property so I ask for my money back. He said he will not rturn the money and want half of the money I put down $6,000.00
brian1 Community Expert Joined: 14 Jun 2008 Posts: 448 Location: Northern California 15.61 Dollars($)	Posted: Wed Jul 02, 2008 11:20 pm    Post subject: Like 0 Dislike 0 Ray do you have a contract? If the terms of the contract do noy provide a legal way to back out of the deal you may have an issue. Most sellers will make you buy or forfeit the money Good Luck Brian _________________ Licensed Broker 50 states http://www.aimwithfocus.com Live Chat available Need quick advise email or PM Glad to help Pre-approvals www.applyonlinesecure.com
Sandra Guest	Posted: Tue Jan 25, 2011 5:44 pm    Post subject: Purchase Money Mortgage Like 0 Dislike 0 I am trying to help a friend draft a purchase money mortgage for a condo. The father purchased a condo and now wants to add son to the deed as joint tenants, but wants a mortgage with the son. Would this be the correct document?
adonis Joined: 22 Oct 2005 Posts: 10242 Location: ALASKA 1042.50 Dollars($)	Posted: Tue Jan 25, 2011 11:59 pm    Post subject: Like 0 Dislike 0 Welcome Sandra, Your friend and his father should contact a real estate attorney and get the deed drafted from him/her which will help the son own the property as joint tenants. _________________ Procrastination is the enemy of your financial success

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0