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    perplexedpat's Avatar
    perplexedpat Posts: 1, Reputation: 1
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    #1

    Aug 26, 2008, 06:06 PM
    How would I hold mortgage on income property
    I own a 2 family house.I have an interested buyer and would like to hold the mortgage.. Is this a good idea? I know that it would be set up with an attorney,but what stipulations should I have.
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #2

    Aug 26, 2008, 06:40 PM
    There are many of them. Often times, an attorney uses a checklist that will indicate clauses on behalf of the purchaser, and clauses that favor the lender. Be as certain as you can to use a lawyer experienced in real estate transactions. You may need to consult a CPA as well.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Aug 26, 2008, 06:45 PM
    If you are willing to take the risk, to get the interest, and are willing to foreclose is you have to, with the possibility of serious damage to home.
    And of course you take the risk that they let the insurance laspe and it may burn down ( risks the bank aways takes)
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