Selling With A Wraparound Mortgage...
Greetings,
In Texas it is not practical to sell a home using a Contract for Deed (due to recent jerk-reaction legislation) so one other option is to sell using a wraparound mortgage. I know how this works put I am not sure what legal docs are required. I understand that I record a Deed of Trust (i.e. a lien) on the property after the underlying lender. Can I use a standard FNMA mortgage loan document with me as the Grantor and the buyer as the Grantee for this transaction? Does there need to be a rider attached, or should there be a separate agreement? Anyone with experience in these transactions (especially in TX) please help me out. I need another exit strategy in addition to using a lease option. Thanks.
iglooman
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