Make us your home page  House Calls: Some tips for taking back a
mortgage  Some tips for taking back a mortgage  Q: Please
comment on the pros and cons of taking back a mortgage. My
husband is attempting to sell his deceased father's house and
was asked to take back a mortgage. It appears the house may not
sell otherwise. If we proceed, what steps should we take to
protect ourselves?  A: Why won't the house sell? Perhaps it's
not in good enough condition to qualify for a bank mortgage? If
so, one solution is to fix the place up. If that's not feasible,
the property might be priced really low for an all-cash buyer.
Or yes, your husband could take back financing, holding a
mortgage and collecting the purchase price over a period of
years. In that case, the big question is: Will the buyers make
their payments?  To protect themselves, well-run banks like a 20
percent cash down payment from the borrowers, an excellent
credit report and proof of enough dependable income to handle
the payments comfortably. Given tod