Creating Second Mortgage. HELP Please.
I am in need of information on how to create a second mortgage.
My situation. Have a guy that is buying a house and got a hard money loan from a lender of 75% arv, he needs about 10K for closing costs and minor repairs for 90 days. He intends to flip this. His hard money lender appraised the house (ARV) at 142K he is buying for 110K.
What docs (and does anybody have a set to give me) should I use and how and what do I record?
Thank you
It is best to have your attorney or closing company set up the first set for you. For a couple of reasons. All states are regulated differently. So the papers I use may be worthless to you. If your title company of attorney gives them to you they will record them. Once you have the first set you can use them for future mortgages.
Laurie
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