Posted by Bud Branstetter on July 13, 2001 at 23:47:21:
Yes, Andy, most of the methods used do violate the DOS clause. You get around it basicly by not telling the lender. There are a numebr of courses here and plentiful discussion on how to do subject to.
Newbie ‘Subject to’ question - Posted by Tim (CT)
Posted by Tim (CT) on July 13, 2001 at 07:33:42:
Does a sellers current mortgage have to be assumable for you (the buyer) to purchase it ‘subject to’? Isn’t a ‘subject to’ purchase basically stating to the current lender that you are taking over the payments even though the seller is still legally liable?
Re: Newbie ‘Subject to’ question - Posted by Bob (KS)
Posted by Bob (KS) on July 13, 2001 at 07:53:18:
No. It does not need to be assumable. And no, you are basically stating to the sellers that you are going to be making the payments, without jumping thru all the hoops that the lender would make you jump through for the honor of “assuming” the loan. (qualification, fees, etc)
Re: Newbie ‘Subject to’ question - Posted by andyFL
Posted by andyFL on July 13, 2001 at 14:41:14:
Doesn’t that trigger the “due on sale” clause? how do you get around that?