Posted on: 08th Jul, 2010 12:52 pm
My Mother is going to be doing an owner financed mortgage of her farm to my sister and her husband. Are there any computer programs that will easily and quickly track all regular and principle payments? We know how to access a simple amortization schedule, but in the event my sister and brother-in-law choose to pay additional on the principal, we want to have a way Mom to easily track this and provide a monthly statement of the principle and interest, just like a regular mortgage lendor would.
Also, any additional advise on what to ensure when entering into an owner financed agreement would be appreciated. We are working with a real estate attorney who has stated that she has created owner-financed mortgage agreements in the past, so hopefully she will include wording that protects all the parties involved.
Also, any additional advise on what to ensure when entering into an owner financed agreement would be appreciated. We are working with a real estate attorney who has stated that she has created owner-financed mortgage agreements in the past, so hopefully she will include wording that protects all the parties involved.
Hi jamesjoyceiii,
Your mother can check out the given page in order to get a calculator to calculate the extra payments made towards the mortgage:
"www.statefarm.com/apps/mortgage-calculators/Calc_Amort_Prepay.asp?PageId=Prepay"
Your mother should ensure that she as well as your sister and her husband should sign the owner financing agreement. This agreement should mention the terms and conditions of the deal. It is good that your mother is planning to contact a real estate attorney in this regard. He will help your mother in getting the agreement drafted.
Thanks,
Jerry
Your mother can check out the given page in order to get a calculator to calculate the extra payments made towards the mortgage:
"www.statefarm.com/apps/mortgage-calculators/Calc_Amort_Prepay.asp?PageId=Prepay"
Your mother should ensure that she as well as your sister and her husband should sign the owner financing agreement. This agreement should mention the terms and conditions of the deal. It is good that your mother is planning to contact a real estate attorney in this regard. He will help your mother in getting the agreement drafted.
Thanks,
Jerry