Please Help with a Trust / Subject to Deal !! - Posted by bvmp

Posted by William Bronchick on December 28, 2000 at 14:25:04:

The wife will not be off the notes and the lenders will not release her.

Maybe a bit of cash may make her feel better?

Please Help with a Trust / Subject to Deal !! - Posted by bvmp

Posted by bvmp on December 28, 2000 at 13:15:52:

Hello all and Merry Christmas & Happy New Year!!

I have a prospective client (seller) that will sell me his houses (3) on a subject to deal into a trust with a full assumption of his loans. The properties all have positive cash flow.

Sounds great but here is the problem.

The Seller and his wife are having marital problems. The wife wants off of the mortgage notes and wants him out of the real estate business to concentrate on the family business ( two restaurants).

Here is my question…is their ANY way that I can get the finance company to release the wife from the mortgage or am is my only alternative to do this thing under a trust agreement and hope for the best.

I can close immediately (due diligence is complete)so your help is greatly appreciated.

Because of the numbers (loans at or near 85%LTV) most if not all other options are mott at this time unless I am missing something.

Help out the newbie here!!..Please

Re: Please Help with a Trust / Subject to Deal !! - Posted by dewCO

Posted by dewCO on December 28, 2000 at 21:08:28:

Only way is to get the lender to approve it, which would mean you have to qualify for the loan(s). You state you are doing a full assumption of his loans. Is that through the lender? IF so you will most likely have to qualify anyway. If you are doing a subject to deal, they just sign over the deed to you. You don’t technically assume anything, you TAKE OVER the payments and obligation to make them.