Mortgage information..........where to find?

[A*lil*Loopy]

So my landlord is trying to sell me the house I'm in and it would be the best thing that ever happened for us. However, I don't believe I qualify for a mortgage, yes, bad history.......but..
he offered to hold a second mortgage if I could get the first, this is what I don't understand and can't find answers to.
Someone said it is guaranteeing that the mortgage holder isn't out their money.
So I'm bearing a bit more than I'm comfortable with on here but I'm in dire need of information, not a sales pitch and that's all I seem to be finding online. I've called a couple of places locally but no luck.

Does anyone know where I can find explanations of terms and learn what all of this is about?

I'm willing to pay someone for their time to sit down with me and teach me about this so that I understand.

[italiandomino]

Loopy .. first thing you do .. go to the bank and get preapproval .. and then go from there.

call:
Billie Childs-Burke Mortgage Specialist Home Loans Canada - 151 Trunk Road, Sault Ste. Marie, ON, P6A 3S5, Phone: 705-941-9122, Fax: 705-941-9569, Website: www.hlcmortgages.com/billiechilds, Email: billie.burke@hlcmortgages.com - Mortgage financing, pre-approvals, consolidations OAC

she might be able to help you answer those questions

[ArcticBlue]

No Drama Please would probably have some good information for you. She is very good at what she does!! Very helpful and professional!

[Soundbear]

I've dealt with Nu-Era Fnding, Paul Godfrey for 40 years. Always helpful.

[A*lil*Loopy]

Thanks for all the suggestions, hopefully I'll be prepared for the discussion meeting this coming weekend. Just the thought of owning this farm gives me butterflies in my stomach. We've been thinking about it and wanting to do it but don't feel we are qualified enough. I hate the thought of leaving it if he decides to sell it to someone else.

[1337]

A lil loopy. If he were to hold the mortgage for you for 5 years you could get back on track for approval. There are armortization programs out there that can calculate interest rates and so on. He can charge you a fair interest rate, and he can report the good payments for a mortgage down the road.

[Evil Monkey]

A lil loopy. If he were to hold the mortgage for you for 5 years you could get back on track for approval. There are armortization programs out there that can calculate interest rates and so on. He can charge you a fair interest rate, and he can report the good payments for a mortgage down the road.

He is not holding the mortgage for her though for 5 years. She is required to attain her own first mortgage which is usually the amount of the sale minus the mandatory down payment. The owner is willing to take on the second mortgage which usually means he will hold the down payment part of the mortgage and finance it for her. At times the property owner may finance more then just the required down payment. The purpose behind this is so if the purchaser defaults and the bank comes for foreclosure then the original seller has first right to take the property back as they hold a mortgage on the property.

[NewCasa]

Hey EM - maybe you could give her a first mortgage?

[Evil Monkey]

Hey EM - maybe you could give her a first mortgage?

If I posted what the rates I charge for such types of financing then I would be accused of loan sharking. Also I don't usually touch anything with 2nd and 3rd mortgages on it. Another qualification for me is at least a 30% down payment and my name on title as well.

[NewCasa]

If I posted what the rates I charge for such types of financing then I would be accused of loan sharking. Also I don't usually touch anything with 2nd and 3rd mortgages on it. Another qualification for me is at least a 30% down payment and my name on title as well.

So basically we're talking about Cosa Nostra deals here?

[Evil Monkey]

So basically we're talking about Cosa Nostra deals here?

I have no idea what you are talking about.