An attorney can help you draft the document and guide you.
We call this a Wrap, meaning we would collect payment from you "buyer" and make payments directly to the mortgage company, less any money needed to be sent to the seller. This is very common nowadays and you should definately use a 3rd party to service the contract so that there is 100% transparancy. (thats where we come in)
We do all of the bookkeeping. Sending out payments, monthly breakdowns sent out, late notices sent if needed, taxes and insurance tracked (very important)
service is only 17.98 per month.
check us out. http://www.Meracord.com
I urge our clients to etiher:
1. arrange payments to a 3rd party who will then pay the mortgage and forward the rest of the funds to the seller.
2. make arrangements to see the seller's mortgage balance every month.
Feel free to call me at 262-925-8632 if you have any other questions regarding rent to own homes.
Cell: (414) 364-3604