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URL:https://www.learndesk.us/class/6620336978132992/lesson/e6e3f55778225e9cea74ef704bcbdedf?ref=outlook-calendar
SUMMARY:Purchasing Mortgaged Property
DTSTART;TZID=America/Los_Angeles:20260515T190000
DTEND;TZID=America/Los_Angeles:20260515T200000
LOCATION:https://www.learndesk.us/class/6620336978132992/lesson/e6e3f55778225e9cea74ef704bcbdedf?ref=outlook-calendar
DESCRIPTION: 
Subject to the mortgage
Purchase money mortgage
Wraparounds
Assumptions
Contracts for deed

When a buyer pays cash for a property at closing, any existing mortgage on the property is paid off from the sale proceeds, and the seller’s interests are transferred to the buyer. The cash may be the entire buyer’s, or some of it may be the proceeds of a new mortgage loan undertaken by the buyer. However, there are other ways for the buyer to purchase a mortgaged property, namely:
 subject to the existing mortgage  with a wraparound mortgage  by the assumption of the existing mortgage  by contract for deed
Subject to the mortgage 
In buying a property subject to the existing mortgage, the buyer takes the title and makes loan payments to the mortgagee (lender), while the seller (original mortgagor) remains personally responsible for the loan payments. In the event that the buyer defaults, the lender can force a foreclosure sale and sue the seller (not the buyer) for any...

https://www.learndesk.us/class/6620336978132992/lesson/e6e3f55778225e9cea74ef704bcbdedf?ref=outlook-calendar
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