'Holding Back' a Mortgage on run down property
Not sure if this is the right forum for this question - but it's worth a try. I am friends with a couple who have been homesteading for awhile now, and they aquired their land and house by driving around til they found a serious 'fixer upper.' They went to the county office and found out who owned the property and then made an offer on it. My friend said because the place needed so much work, the bank 'held back' (?) on the mortgage. Any ideas as to what this means?