What do I do? Wholesaling with a mortgage balance...

[Kay Mays]

Hi BP,

I've posted in a here a few times in regards to wholesaling. My question is, what options do I have if I want to wholesale a property that has an existing mortgage balance? Is the new buyer responsible for it? How would I put that into a contract? All help would be greatly appreciated.

Thanks BP,

Kay

[Wayne Brooks]

The mortgage gets paid off from the sellers proceeds, and the buyer gets the property with no mortgage, assuming the sales price is enough to pay it off.