I used to work for a mortgage company in the Los Angeles area. We made second mortgages. Firsts were going for about 13 – 14% and our seconds were 18 – 21% depending on the borrower’s credit rating. We had one investor (that’s where we got the money to loan) who would save up all
since you are paying the mortgage 1/2 out of each check—-make sure you put it somewhere it can’t be touched while waiting for the other check—or that could cause some big problems. I am just mentioning this because I know if my sister were to do this—her and hubby would have issues–as they tend to
I used to have to do that with my hubby’s check for our mortgage. Now I just know what bills get paid with what check. For us the mortgage gets it’s one check. The rest of the bills get paid with his other check.
The deeds were registered with the county clerk with both the buyer and the seller listed, just as with a mortgage. So the property was already in the process of being sold. The only thing that would nullify the contract was if one person or another went into default, and then the “wronged” party would