How do we structure Seller financing with a non assumable loan?

[Timothy Robinson]

Looking for creative financing options like wrap around mortgage to solve Seller's anxiety about bank foreclosure being triggered by credit union if she were to sell to myself and they find out by insurance or escrow etc. that a new owner is on title or property has been sold, even if the credit union is receiving payments by myself or original owner on time for example ( unlikely they will start any foreclosure- also in California it takes up to 4 months to foreclose). Owner/ seller is concerned I will not be able to refinance mortgage within 36 months if my name is on the title, and mortgage is in original owner name if we do a wrap around mortgage or seller financing? Respectfully request your experiences and creativity in solving the owner's concern. I developed a rapport and connection with the seller and working legal and financial solutions for our mutual benefit in the purchase of the property. She is a motivated seller ( out of town owner) who does not want to deal with renters, repairs or the property mortgage and other carrying cost. She is receptive to my taking over those payments but her mortgage is not assumable? Is wrap around loan our only option?

[Jeff Filali]

I did one of these, and what we did is had the owner set up an appointment with the loan officer at their bank, and I went with them to talk to the loan officer about our intentions.  They were happy to work with us, rather then let the home owner get behind and have to foreclose.