Mortgage Wrap
Hi all, I have a property I am trying to sell to another investor; who is wanting me to carry the note. I don't mind "Wrapping" the mortgage, but not sure how this actually gets completed and the steps involved. Here are the details.
Selling price $200K with 20% down ($40K) and the loan would be $160K at 6.5% for 30 years.
My current loan balance is $155K at 4.5% with remaining 20 years with Bank.
Looking for assistance in making this happen and want to ensure that the "Due on Sale" clause is not initiated by the bank. This is not being sold through a Real Estate agent, so a Real Estate Attorney will be doing the transaction, but I have not contacted one yet. If I proceed, what do the cost look like to complete this type of transaction?