#966
Anytime a buyer works out an arrangement that will allow the seller to assume the mortgage rather than a traditional lender this type of arrangement is known as a partnership.
Is this true or false ?
Take your time. The solution is posted below the wildlife photo.
A. False
The type of arrangement that allows the seller to assume the mortgage for the buyer rather than a traditional lender is known as a purchase money mortgage.
The seller is extending credit to the buyer in this type of mortgage arrangement.
The seller has the option of accepting a mortgage or a deed of trust instead of cash at closing.
Another name for this type of loan is a takeback or a carryback loan,
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