Protections for buyer doing a wraparound.

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Posted by Ivan on January 26, 2010 at 01:36:48:

We're purchasing a home using seller financing and a wraparound mortgage. The seller is the owner of the house we've been renting for 2 years.

My question is what protections should I be thinking about to make sure the first lien holder is being paid. Escrow agent?

If I find for some reason down the line that my landlord/seller has defaulted on the first, do I have to bring the first current to prevent them from foreclosing? I'd like to have a little more security in knowing the first is up to date. This is assuming we have no issues with the DOS clause.

Thanks for your input.

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