Seller carry back
A home seller may be able to loan a portion of the selling price to the buyer and secure it with a mortgage or trust deed against the home. The seller would not get his portion of the sale immediately in cash but would get income in the form of the payments made by the buyer.
This is a popular form of financing, when borrowers cannot otherwise qualify for a traditional piggy back loan, or are unable to come up with an otherwise required down payment.
The lender will want to see the terms and agreement of the seller held second. The lender will figure in the payments of the seller held second when qualifying the borrower for the first mortgage.
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I am looking to buy a “seller” held note. It is a first lien and is written more like a land contract. The lender/owner still has title and has a seller held note on the borrower due in Aug of 2010. Are there any laws in CO about how you need to service that contract?