Updated about 2 years ago on . Most recent reply
2nd mortgage / AIDT help!
I have an opportunity to take over mortgage payments from a seller for their remaining mortgage where I would be on title, but not the loan. This represents about 2/3 of the current asking price. Asking is $1M-current loan is $650k)
The sellers want to avoid carrying the balance $350k balance, even though the simplest thing is if I could make amortized payments on the balance. However, is there any way I can get a bank loan for the balance? Can I have a second mortgage from a bank if I'm not on the first mortgage and I'm only on title?
Any other creative ideas?