Liens And Wraparound Mortgage
I'm not sure if this is the correct forum to post this, but I have a newbie question on seller financing and liens. Let's say I have a property with a FMV of $100k, with a first mortgage of $60k, I sell the property Subject to that first mortgage with a $20k down payment and $80k wraparound mortgage. There is already a $60k first mortgage lien on the property. Would I be creating an additional $80k 2nd mortgage lien on the propery? Is that how that would be recorded? Thanks for your help.
Comments(0)