Does anyone know of any mortgage companys that will do Wrap around mortgages. I have three rental homes, and each mortgage company I currently have with them, will not do them or offer them. My purpose is to have a mortgage currently on them, but offer to someone a land contract between myself and them. Is this even possible anymore. I live in the Detroit area. Thanks.
Talk to some RE attorneys in your area.(you may need to talk to a few) Let them know what you want to do. I really don’t think you need to ask the mortgage company for permission because the loan is still in your name or the sellers name. The wrap might not have to be recorded. Not quite sure as I am currently learning about this too. But ask a good attorney about this not the lender.
Do you know any good inspectors, appraisors and attorneys in Detroit?