there is no option to buy back the home they live in the home and pay everything in the house right now. I have not given them the option to purchase the home back. I have let them stay in the house I am just needing the correct terms to put in the mortgage to hold my option
first mortgage is about 73k and second mortgage is arounf 37 k I had paid arrears already via western union for about $2,750. I just need to know the verbage for the mortgage to write. I just want it to say no other mortgages can subordinate over my mortgage, first right to redeem, and option to purchase for the reminder amount of the mortgage. Thanks Roderick
I have not recorded this deed yet. The homeowner is very open to me and agreed to sign a mortgage to protect my position on this property. I had wanted to put a mortgage on the property for the $2,750 I had given them to reinstate there mortgage. I had wanted to place a option on this property with the mortgage and needed some verbage to put into the mortgage. I am looking to have first right or refusal of redemption if they loose this property again if it happens to fall into foreclosure and also have a call option to purchase for the amount left out on the mortgage. Thanks Roderick
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