Can I buy this one? - Posted by LeonNC

Posted by Nate on February 27, 2001 at 21:26:58:

If the wife has the deed and the loan is in the ex-husband’s name alone, she basically already bought it “subject to” his old mortgage.

If there is a lot of equity, why worry about getting the bank to discount the first? Just make the back payments, then refi or l/o it if the numbers work.


Can I buy this one? - Posted by LeonNC

Posted by LeonNC on February 27, 2001 at 19:07:33:

I don’t have all the information yet but I may have gotten a good phone call today.

This may be a good flip candidate but I won’t know until I look at the house. If it’s not a good flip candidate then I believe I can get a deed if I want it.

Here’s my question thus far. The house has been quit claimed to the wife. The loan is in the husbands name. How can I purchase this subject to? The loan’s in the ex-husbands name and the wife has the deed. Do I need to deal with both parties or just the wife?

The lady is 3 months in arrears. I’m not sure but depending on the amount of repairs needed there may be a lot of equity. The loan balance is 47k and she said the house next door rents for 850mo. I’ll know more tomorrow. Will the bank discount the first? I’m tempted to call the bank and talk with them before I buy it, if I buy it.

Happy Happy Day