Business, 20.04.2020 19:55 Gladistshiala267

The Smiths' purchased a residence for $75,000. They made a down payment of $15,000 and agreed to assume the seller's existing mortgage, which had a current balance of $23,000. The Smiths' financed the remaining $37,000 of the purchase price by executing a second mortgage whereby the seller became a mortgagee. This type of loan is called a .

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The Smiths' purchased a residence for $75,000. They made a down payment of $15,000 and agreed to ass...

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