Do my parents have to get their banks approval if they do a wrap around land contract with me?

My husband and I are going to buy my parents old house (house I grew up in). Basically to "take over payments". This is taking place in Michigan. To do a wrap around land contract, will my parents have to notify the bank that the mortgage is through that they are doing this or is this something that is just between my parents and I?

well if you parents are going to keep forwarding the payments in there name there is no problem - the bank could care less whose money pays the bills!!!

Your parents agreed that they would not do this when they first got the loan. That is why you are doing a "wrap". If you call the bank, they will ask you to fill out the same papers as any applicant. You may be accepted; you may be rejected.

The bank has the right to foreclose if the loan is transferred or "wrapped" without the bank's approval. You should call the bank Monday..