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Wraparound mortgages

I lived in my home 15 yrs before having to file bankruptcy.  I'm currently renting but I don't want to wait 3 yrs to own again.  How/Where can I find someone who will do a wrap around mortgage?
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August 05 2013 - Atlanta
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Closed over 700 of these in the last 23 years and ONE lender called one due because the seller called the lender and pushed the issue.  I don't think in this flat-interest rate environment lenders will push the issue, but if interest rates shot up to 9%, may be a different story.

Remember, the due on sale is NOT automatic; the lender must exercise their right.  If they fail to do so timely, they lose their right under a legal theory called, "laches".

http://legalwiz.com/due-on-sale-clause

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September 21 2013
I would be careful with that in any situation...Most notes can be called in full if they were to find out about the wrap.
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September 21 2013
You won't find too many advertising this, so you'll have to negotiate one from someone who is motivated and thus willing to get creative.

Look on Craigslist under "Housing Available for Rent" and search for ads that say "for rent or sale" or "lease or sale".  Someone who is advertising one of these option has a payment he can't afford to carry, probably tried to sell it, and is now renting to cover that payment.  Perfect candidate!

And, of course, once you negotiate the terms, have a local attorney draft up a solid contract to make sure it's done right.
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September 21 2013
Great question for a local lender, give one a call with your specific questions.

Good luck.

Spirit
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August 05 2013
 
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