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Old 05-29-2001, 11:54 PM
cat2young
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We are selling our home in Ocala. How do we go about holding back a 2nd mortgage? We would like to do a one year ballon? What paper work needs to be done and where can I get it? What can we expect?
Homeguru I would like your input but all others welcome.
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Old 05-30-2001, 01:30 AM
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Join Date: May 2000
Location: Catatonic State
Posts: 75,781
Your purchase contract should reflect the amount of the second and amount and type of interest rate.
And whether or not there is a prepayment penalty.
If this is done,escrow hires a documentation attorney to draft the second mortgage document.
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