What does this mean?

General Real Estate Investing
1

buying a house sub to, have sellers orgianl closing docs.

on the Lenders Closing Instructions is says:
Loan type: DIRECT ACCESS 5YRS/6 MO LIBOR

does that mean that seller can still take monies out like a home equity line of credit? Hope not.

They do have a second, gosh it may be considered a thrid the second is for 32k, and the first is 160k, but think the first is an 80/20.

I dont need to make three seperate payments do I? ie
130k first franklin
30k chase

then a thrid on a actual (being cancelled as we speak) home equity line of credit for 32k.

thanks, surely I will learn alot from this deal.

2

Howdy Bill:

Sounds like a mess. Hope you can make all thoses payments and get to keep a little for yourself.

What I want to know is who made the thirs mortgage? Wow talking about risky.

What are your plans with the property? Is there any equity with a HELOC in this deal?