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Real Estate Investing Forums | Real Estate Investing | Sub2, Owner Finance, Options, Lease Options Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas) | Topic: Awesome Subject To deal in progress. Need a little help please...
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alexray
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« on: June 17, 2016, 01:39:45 PM »

I have a property under contract "Subject To" the existing mortgage and a retail end buyer getting his finances together. I was wondering how do I approach the mortgage company and what do I say to them about what I am trying to do? Any information would help. Thank you.
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javipa
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« Reply #1 on: June 17, 2016, 01:44:46 PM »


I have a property under contract "Subject To" the existing mortgage and a retail end buyer getting his finances together. I was wondering how do I approach the mortgage company and what do I say to them about what I am trying to do? Any information would help. Thank you.


Say nothing.
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alexray
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« Reply #2 on: June 17, 2016, 03:09:35 PM »

Thank you for your reply javipa. Some have told me not to say anything and others have told me, to be safe,  send them a certified letter  (whatever that is) telling them I'am will be making the payments.Thanks agian.
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Gold River
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« Reply #3 on: June 17, 2016, 05:05:54 PM »

Hi,

    Say Nothing!!!  Your taking over payments in your sellers name!


           GR
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alexray
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« Reply #4 on: June 17, 2016, 05:18:30 PM »

Thank you for your reply Gold River
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Luke9686
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« Reply #5 on: June 21, 2016, 02:30:30 PM »

Don't say a word.  Whoever told you to do that is probably one of those "anti-sub2" fools you see on other sites.  Fax the lender a letter of authorization with your name on it, authorizing you to talk on behalf of the seller about the loan.  Call the lender to do some due diligence, but say nothing as to who you are or what you're doing.  Once they have the faxed LOA they won't even ask anything about what you're doing, they just verify you are on the account as an authorized person.  THese days you can usually do it all online.  Have seller give you login credentials, then go in and change all their contact information to your PO box and phone number.  Verify numbers then close the deal.

What are the numbers?
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« Reply #6 on: September 03, 2016, 12:53:40 AM »

Yup say as little as possible, and make sure to let the seller know that they cant say anything either. I had a sub2 fall apart because my seller called the bank and told them some investor wanted to take over payments!!! Educate your seller... learn from my headache Smiley
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Harvey Gronwald
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« Reply #7 on: September 19, 2016, 09:51:14 PM »

Get the seller to sign an "Option" and a "Notice of Option" and go record the NOO at the Court house.  Then at closing you tell the title company that your release fee is the profit you have coming.  (The difference between the seller price and the buyer price) 
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Real Estate Investing Forums | Real Estate Investing | Sub2, Owner Finance, Options, Lease Options Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas) | Topic: Awesome Subject To deal in progress. Need a little help please...
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