jdbnosik asked:


When my husband and I sold our home, we took back a 5-year second mortgage for the buyer. Now that we’ve found a home we want to buy, we don’t have enough cash for a down payment, but would like to use the second mortgage as the down payment, and sign it over as a deed of trust with assignment of rents … or something like that. What we’d like to know is whether or not that can be done? Or, if that can’t be done, what kind of transaction can occur that would allow us to us to use that second mortgage as the down payment? I’d appreciate a response from a knowledgeable real estate person, mortgage lender, or other financial/contracts professional. Thank you. jdbnosik

Jennifer

psrobi asked:


Can someone give me some examples of what a demand feature would be on a second mortgage loan?
The mortgage has a check box in the TIL area that states this loan has a demand feature as indicated but I don’t see anything indicated anywhere in the note.
I think a balloon is sometimes confused with a demand feature, there is not a balloon on this one.
I am stumpped.

Connie

tinnisk asked:


Isnt there a formula or something.

Juanita