Quote:
Originally Posted by R Leo
I have a manufactured home that need to sell and move off of my property. Lots of prospective buyers but nobody with enough cash to do the deal outright so, I may have to carry the paper.
Even if they make a substantial down payment, I want to make sure that I'm covered if they decide to default on the loan.
Is there any sort of insurance that deals with this?
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Look into mortgage insurance. Most lenders require it if the buyer is putting down less than 20%. My understanding is that it protects you (the lender) if the buyer defualts. You still get paid. The buyer has to pay the premium. When you here the acronym "PMI" (principle mortgage insurance) this is what they are talking about.
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02-12-2013, 12:12 PM
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