You can sell on a wrap mortgage. You are still responsible to the bank so the debt and payments show on your credit report. The buyer pays you and you pay the bank.
Tuesday, March 24, 2009
Can i sell my home on land contract if i have a bank mortgage?
Talk with a REAL ESTATE attorney for the details, but the answer is: YES. In most cases, if the tenant doesn't pay on the land contract, it is an eviction, not a foreclosure. Title generally doesn't transfer immediatly. Your attorney should know the mechanics on how and when things happen.
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