Is owner financing real estate legal?

Hi differentthanall,

If you walk away from the property, it will be foreclosed and that will have a negative impact on your credit. It might get difficult for you to get qualified for a mortgage then.

Thanks

I'm considering doing a owner finance for 20,000 purchase price of 195,000 the owner have a mortgage of about 50,000 with a bank. He want to do a wrap around without recording the deeds in our name until all monies are paid . I know the bank can call the loan if they find out. Should I do rent to own or contract for deed, also can you record a contract for deed without judgements attaching if the buyer have judgements. Suggestions please.

Hi Tammie!

Welcome to the forums!

I will personally suggest you to not go for any such deal. You should look out for other properties which don't have mortgage on it.

Feel free to ask if you've further queries.

Sussane