{"id":1438,"date":"2021-12-28T00:00:00","date_gmt":"2021-12-28T06:00:00","guid":{"rendered":"https:\/\/chrisbuyshomesstlseller8.carrot.com\/?p=1438"},"modified":"2025-02-15T15:32:19","modified_gmt":"2025-02-15T15:32:19","slug":"owner-financing-if-i-have-a-mortgage-on-the-property","status":"publish","type":"post","link":"https:\/\/www.chrisbuyshomesindy.com\/blog\/owner-financing-if-i-have-a-mortgage-on-the-property\/","title":{"rendered":"Can I Do Owner Financing In IN If I Have A Mortgage On The Property?"},"content":{"rendered":"Do you have a house to sell? Perhaps you\u2019re thinking about selling, and maybe you\u2019re thinking about seller financing. But if you have a mortgage on your house, you might be wondering, “Can I do owner financing in IN if i have a mortgage on the property?” We get this question a lot so we decided to answer that question here… Keep reading in this blog post and we\u2019ll answer that question and give you some strategies to move forward\u2026\n

You have options<\/h2>\nHomeowners who are thinking about selling have several options. They can list their home through an agent, or they can list it themselves, or they can sell directly to a buyer. And, many homeowners are discovering a simple strategy called \u201cowner financing\u201d or \u201cseller financing\u201d that allows them to sell their home to a buyer and collect regular payments that pay off the house:\n
    \n \t
  1. The buyer pays a down payment<\/li>\n \t
  2. The buyer pays regular monthly payments<\/li>\n \t
  3. When the agreed-upon price is paid, the title reverts to the buyer<\/li>\n<\/ol>\nHomeowners love it because it\u2019s a great way to sell and a great way to find even more buyers \u2013 including those who might not be able to get traditional bank financing. Home buyers love it because it means more choices for them and they don\u2019t have to necessarily impact their credit score to get a house.\n\nIf you own your house outright, you can do a seller financing agreement. But what happens if you have a mortgage? Maybe you\u2019re wondering, \u201cCan I do owner financing in IN if I have a mortgage on the property?<\/strong><\/a>\u201d\n\nThe short answer is: it\u2019s complicated.\n

    Seller financing with a mortgage<\/h2>\nIn some states, you can create something called a \u201cwraparound mortgage\u201d in which you extend a mortgage to a buyer (usually at a higher rate of interest) while still paying your own mortgage to the bank. However, this is not legal in all states and all situations, and there are additional clauses that you should be aware of.\n

    Can I Do Owner Financing if I\u00a0Have a Mortgage on the Property? – You have choices<\/h2>\nIf you’re unable to sell with seller financing because of a mortgage, you have other options…\n\nAn alternative that might work for you is called rent-to-own<\/strong>, which has some similarities (such as ongoing payment and you own the house) and some differences (there might not be a down-payment and the buyer needs to qualify for a mortgage from a bank at the end of the pre-established rental term).\n\nIf you are thinking about accepting owner financing but you still have a mortgage on your property, here\u2019s another option for you: Get in touch with us and talk to us about your property. As experts in buying and selling real estate, we are aware of a number of options that you might not know about. We can walk you through those options and help you out ourselves or we can connect you with someone who can help you.\n

    Get in touch with us today by clicking here to fill out the form or by calling us at (317) 526-4712.<\/a><\/u><\/h3>\n ","protected":false},"excerpt":{"rendered":"

    Do you have a house to sell? Perhaps you\u2019re thinking about selling, and maybe you\u2019re thinking about seller financing. But if you have a mortgage on your house, you might be wondering, “Can I do owner financing in IN if i have a mortgage on the property?” We get this question a lot so we […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[140],"tags":[80],"class_list":["post-1438","post","type-post","status-publish","format-standard","hentry","category-personal-finance","tag-owner-financing-if-i-have-a-mortgage-on-the-property"],"_links":{"self":[{"href":"https:\/\/www.chrisbuyshomesindy.com\/wp-json\/wp\/v2\/posts\/1438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.chrisbuyshomesindy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chrisbuyshomesindy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chrisbuyshomesindy.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chrisbuyshomesindy.com\/wp-json\/wp\/v2\/comments?post=1438"}],"version-history":[{"count":1,"href":"https:\/\/www.chrisbuyshomesindy.com\/wp-json\/wp\/v2\/posts\/1438\/revisions"}],"predecessor-version":[{"id":18885,"href":"https:\/\/www.chrisbuyshomesindy.com\/wp-json\/wp\/v2\/posts\/1438\/revisions\/18885"}],"wp:attachment":[{"href":"https:\/\/www.chrisbuyshomesindy.com\/wp-json\/wp\/v2\/media?parent=1438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chrisbuyshomesindy.com\/wp-json\/wp\/v2\/categories?post=1438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chrisbuyshomesindy.com\/wp-json\/wp\/v2\/tags?post=1438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}