How does a purchase money mortgage work?

Answer You may want to consider a purchase money mortgage if you are having trouble getting approved for a traditional loan. This type of mortgage allows a seller to finance all or a portion of the mortga... Read More »

Top Q&A For: How does a purchase money mortgage work

How do I get a purchase money mortgage letter?

A purchase money mortgage is a type of seller financing. Typically, a purchase money mortgage is used when the buyer of the property cannot obtain enough of a mortgage from a bank or lending instit... Read More »

Purpose of a Purchase Money Mortgage?

The purpose of a purchase money mortgage is to purchase a home. It can be used with a borrower giving a mortgage to the bank with a portion of the sale price coming from the seller in the form of ... Read More »

How to Foreclose on a Purchase-Money Mortgage?

If you hold a private purchase-money mortgage on a home and the borrower is default, you may, if the contract allows, legally foreclose and evict the homeowner. However, you must follow the contrac... Read More »

Who can claim the interest from a mortgage loan if a non-married couple makes the purchase?

The individual who can claim the interest from a mortgage loan is the one who is legally liable for the loan, according to the Internal Revenue Service. The person taking the deduction must have a ... Read More »