Does anyone know how to write up an official mortgage? Real estate property?

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I am selling my property to my ex and need to know how to write up an official mortgage agreement. We both already agreed on an amount to be paid bi-weekly. He cannot buy the property outright because of his bad credit (he cannot get a loan). So, I have to hold an official mortgage to cover me in case he suddenly stops making payments. Does anyone know of any links to a legal form that I can print out and we both sign and get notorized? Or are there any lawyers out there that can write one up for me?

me and my father moved to peru indiana september 14th 2009 and we are currently renting. we have been looking at houses since january 23rd because we are tired of renting. we have run into a lot of shady deals. for example we put in an offer on a house that was on the market for 3 days. when we heard back from the real estate company they said that an “offer” was placed a day before we made an offer. turns out it was a back room deal and the real estate company literally threw away our offer to get double commission.

Now we have run into this problem. We decided to pay full price for a home that was 31,900. It said on the MLS sheet real big THIS HOME DOES QUALIFY FOR A HOMEPATH MORTGAGE 3% DOWN NO PMI.

so we thought great! not so much…they wouldnt give us the loan because the forclosure DOES NOT qualify for a homepath mortgage. you can only pay cash. we are tired of getting screwed around on back room deals and shady advertising. can we sue for false advertising since we put $ 1,000 earnest money down and are not even sure we can get that back. HELP

5 Comments
  1. Reply
    Kevin
    January 31, 2011 at 12:06 pm

    you can’t.

    the bank must write it out

    you can write up a LEASE, but not a mortgage

  2. Reply
    Landlord
    January 31, 2011 at 12:09 pm

    You are going to need to have an attorney help you, there are only a few circumstances where this would be legal. Namely you have to pay off any other existing liens first.

  3. Reply
    iiidontknowdoyou
    January 31, 2011 at 1:01 pm

    IF he stops making payments? LOL hahaha are you a TOTAL FOOL? If he can’t get a loan and has bad credit you can KNOW HE ISN’T GOING TO MAKE THE PAYMENTS, what’s WRONG WITH YOU? Save yourself much frustration and heartache and find someone reputable to buy your property and let him fall on his face!

  4. Reply
    jake
    January 31, 2011 at 1:27 pm

    I assume that you are carrying the note.

    Do not do this yourself. Trust me.

    An attorney may be the cheapest way to go.
    They will protect your interests.

    Interest and Property Taxes are critical.

    A real estate attorney is preferable.

  5. Reply
    Mike
    January 31, 2011 at 1:30 pm

    We need more information.

    Right now because real estate prices have fallen so much there are multiple offers and overbids on anything that is decent.

    It sounds like someone overbid your offer.

    With respect to whether or not a property qualifies for financing, that is often outside of the control of the agent.

    We need much more information to determine whether or not you have bee treated in an unfair manner.

    With respect to your deposit you need to demand that the title company return your deposit.

    If thetitle company fails to return your deposit, you need to interview several attorneys who have a great deal of experience with Real Estate Law.

    Ask the Attorneys about their experience getting Real Estate Deposits returned.

    Hire the Attorney who you think is best for your case.

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