wrap around

i have read articles and small inserts on this topic but i don’t think i have a grip on the idea yet. ???the seller owes 20k on a 60k house. i offer to buy it for 45k. i ask him to create a new mortgage for the full 45k but i make the payments to him ? ???

Yes you could pay him directly, but what if he decides he didn’t want to pay that month or something comes up and he doesn’t pay his mortgage.

or you could pay his mortgage directly and send him the balance.

or another idea I have been toying with:

One could set up a bank account with both names (buyer/seller)with a p.o box address and both signatures on the account. the buyer would control the p.o. box and the account.
Have the seller sign all the the checks for the entire term for the amounts required to pay his mortgage.
I would deposit the amount agreed upon into that account for that month only.
Each month I would pay the mortgage with that months check the seller signed and send another check to him for the balance cleaning out the account.

That can be a big risk obviously because you don’t know if the owner will pay the mortgage. You might want to research some loan service centers that deal with seller financing. I’ve heard of one that pays the bank the original loan is with and pays the seller the rest.