Posted by Judah hardmoney Hoover on October 29, 2007 at 14:12:02:
Selling Subject to existing mortgage - Posted by Jason
Posted by Jason on September 05, 2007 at 19:36:22:
I have a property that I am looking to sell subject to the existing mortgage.
My question is: if the deed is now in the buyer’s name and the mortgage is still in mine, what happens when the buyer doesn’t pay the mortgage?
I don’t want that derogatory mark on my credit, so I could pay the mortgage again, but then wouldn’t I be paying the mortgage for a property that is no longer mine?
Re: Selling Subject to existing mortgage - Posted by judah hoover
Posted by judah hoover on September 07, 2007 at 05:56:42:
that is correct
Re: Selling Subject to existing mortgage - Posted by Jason
Posted by Jason on September 10, 2007 at 11:00:10:
So then what seller would ever want to do this? Sounds like a great deal for a buyer and a way to further ruin the credit of a seller.
Re: Selling Subject to existing mortgage - Posted by Judah hardmoney Hoover
Posted by Judah hardmoney Hoover on September 10, 2007 at 12:16:03:
If you are an ethical buyer and willing to help people out in their time of need, then you HELP the sellerâ??s credit. The mortgage will report as an on time payment. It is true the seller has to be motivated for this apply but like anything in life nothing is the right fit all the time. I have several loans sub too, I pay them every month as my first bill because I made a commitment to the seller I would. I was able to buy homes that had too little margin for other investors help. one lady told me I was a gift from God… no joke.
Re: Selling Subject to existing mortgage - Posted by ThePadBuyer
Posted by ThePadBuyer on October 27, 2007 at 21:22:28:
Hi Judah - Do you have a checklist you work off of when taking property subject to?