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 confused

Comments(2)

  • thomasgsweat15th October, 2003

    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.

  • bginvestor18th October, 2003

    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

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