Posted by dewCO on October 25, 2000 at 23:22:25:
There is no difference. Subject to and getting the deed are basically the same thing. Just make sure you get title coverage and that if a loan needs to be reinstated, that you or the seller get the OK to reinstate in writing, via the amount necessary to do so (lender doesn’t have to allow it be brought current and stop a foreclsoure)!
preforeclosure question - Posted by Linda (OH)
Posted by Linda (OH) on October 25, 2000 at 18:40:11:
With a preforeclosure, what is the difference if I bring a loan current and buy it “subject to” the existing mortgage or bring the loan current and the owner puts the deed in my name (quit claims?) and I make the payments. In both cases the owner is out (with some moving money).
I know in both instances, if found out, the DOS clause may be enforced.
But is gaining ownership one way better than the other and if so why.