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Owner-Financed Mortgages also sometimes known as, "seller-carry back mortgages, are created when a seller of home decides to "carry" a note from the purchaser of his or her home. As is generally the case, immediately after the home is sold, the seller is satisfied because he or she has sold his or her property and is receiving a good return on his or her investment. as time passes, the note holder might decide that having a lump sum of cash now would be better than waiting for years to collect the balance.