Performance Mortgage
Hi everyone:
Just a quick question. I understand that a performance mortgage is an extra precautionary method in protecting yourself with L/O. How do you get a hold of such a form? Is there a standard type of form that I can take to my attorney to be amended?
Thanks all for your help 
It is basically the same as any other mortgage, except, it guarantee's the perfomance of L/O contract as opposed to the note.
The amount to be on the mortgage would be the difference between your your purchase price and FMV.
The performance mortage is an important document and I highly recommend a good attorney to write one for you. This one is not simple and could be used in different ways to close with the t/b.
Best Regards,
Bginvestor