As a prospective BUYER of a house, how can a privately held
mortgage benefit you?
Do you need additional funds for a downpayment to qualify for
a first mortgage?
Example:
A mortgage company is willing to lend you 80% of the purchase
price of the home you want to buy, but you only have enough cash
for a 10% downpayment.
Solution:
Perhaps the seller of the home would be willing to make you a
privately held second mortgage, if he could sell this mortgage
for cash at closing.
Do you have credit problems or unusual circumstances which
prevent you from securing a new loan?
Example:
You have discovered that you can't get as large a first
mortgage as you had hoped, and you find that you don't have
enough cash to make up the difference between the sale price of
the home and the proposed first mortgage.
Solution:
Perhaps the seller of the home would be willing to make you a
privately held second mortgage, if he could sell this mortgage
for cash at closing.
Contact David Protiva now.
Creating a new Note to be sold
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