Updated almost 10 years ago on . Most recent reply
Need Advice on wrap around mortgage on townhouse in VA
I have a town house that has been for sale for about a year. No offers. I have another property where renter wants to buy this town house. He has been good payer. Says he has done a wrap around mortgage in the past as he doesn't like paying the fees and hassle of mortgage co. wants to pay more toward principal each quarter to pay off early and save on interest.
He said he would set up amortization for 10 Years / 7%. Keep the property in my name and he would just take possession. He would also be responsible for reimbursing me for taxes, insurance and HOA.
How do I put this together properly? I have talked to a couple of attorneys who just said don't do wrap around mortgages!
Any help on how to do this well would be appreciated!