Classified Ad Question?

What does it mean when the ad says " seller will hold second mortgage?"

Comments(2)

  • Pdinvestments31st October, 2003

    Suppose your lender will only give you 80% of the loan and you need the other 20% as down payment, well the seller can loan this 20% to you as a second on the house, and you walk into a house with no money down.

  • chantynicole31st October, 2003

    Do you then have the right to l/o this house out?
    Also, How does that look on paper to a bank when trying to get the loan?

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