Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP
Posting-Version: version B 2.10.1 6/24/83; site eosp1.UUCP
Path: utzoo!watmath!clyde!burl!ulysses!allegra!princeton!eosp1!robison
From: robison@eosp1.UUCP (Tobias D. Robison)
Newsgroups: net.legal
Subject: Re: Mortgages
Message-ID: <861@eosp1.UUCP>
Date: Tue, 8-May-84 12:47:17 EDT
Article-I.D.: eosp1.861
Posted: Tue May  8 12:47:17 1984
Date-Received: Wed, 9-May-84 02:26:35 EDT
Organization: Exxon Office Systems, Princeton, NJ
Lines: 17

References:

I'm commenting on the question of whether it is OK for the seller of
a home to lend the buyer part of the money he needs for a downpayment,
to get a mortgage.  This is specualtion; I'm a homeowner, not a lawyer...

I think you must disclose, to the organization that will provide your
mortgage, the terms of other significant loans outstanding.  The terms
of the seller's loan make a big difference.  If it is entirely unsecured
(very unlikely), it might not bother the prospective mortgagee at all.
If it is secured using the house as collateral, you may not get your
mortgage.  If it is in effect a second mortgage, the price of your
first mortgage may go up.
					- Toby Robison (not Robinson!)
					allegra!eosp1!robison
					decvax!ittvax!eosp1!robison
					princeton!eosp1!robison