Has anyone ever done a sub2 for more than existing loan balance? Would you create a second mortgage with the seller? How does this work? Thanks.
Howdy Justnick:
A second to the seller would work. You can also do a wrap where you pay the seller and they pay the 1st and keep the difference. As the buyer I want to pay the 1st and give the seller a payment for his equity. As a seller I want to collect the whole amount and pay the 1st and keep the difference making sure the 1st is paid on time in both cases.
LOL and hope this helps