Hi All,
Some of the books I've read (Robert Allen, John Burley, Wade Cook) mention as a NoMoneyDown technique that the buyer may offer to "assume" the vendor's existing mortgage i.e. take on the payments (the rest of the equity is then financed via a 2nd mortgage).
Has anyone done this? How does that work?
Do we put the mortgage in my name then? How does the bank which hold the 1st mortgage react?
Cheers,
Emil
Some of the books I've read (Robert Allen, John Burley, Wade Cook) mention as a NoMoneyDown technique that the buyer may offer to "assume" the vendor's existing mortgage i.e. take on the payments (the rest of the equity is then financed via a 2nd mortgage).
Has anyone done this? How does that work?
Do we put the mortgage in my name then? How does the bank which hold the 1st mortgage react?
Cheers,
Emil