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Title: out of date and legally questionable.
Review: This book may have been helpful in the past, but it really fails to address the legal pitfalls of using a wrap around mortgage with a due on sale clause, which is pretty much every mortgage written since the early 1980s. If someone transfers any interest without telling the bank, the whole mortgage could be called with 30 days notice. This might be ok if mortgage rates are falling, particularly if the buyer has good credit, but if that's the case, why wouldn't they want a new mortgage at a lower rate? If mortgage rates are rising, and the credit risks don't match current lending criteria (which is the case with lots of marginal borrowers when money is tightening), you could lose everything.I realize Mr. Cook doesn't want to face litigation for giving specific advice, but its really quite pointless to buy this book.
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