Wrapping an Owner Financed Property
Trying to find some information from this great community of Bigger Pockets before I speak to my expensive lawyer.
I currently own a distressed property owner financed through a trust indenture (similar to a contract for deed except that the title is transferrable before the loan is paid off). Terms are written with a balloon payment in one year. There is a title company involved in which I make monthly payments through.
Im thinking about wholesaling the property. I have an interested buyer. Wondering if I am able to wrap the owner financed trust indenture and finance the property without doing anything illegal? Will the title company allow for another loan to be written on the same property? Is this a deal I would have to do cash only under the table?
Please let me know if any of this is confusing or I need to explain the current financials more.
Thank you!