Posted by Ed D on February 07, 2002 at 19:37:18:
That sounds good in theory. I guess I would have to ask my local lenders if this would fly before I approach sellers on this concept.
financing after the “subject to” - Posted by Ed D
Posted by Ed D on February 07, 2002 at 02:54:36:
Can the seller get financing if he has a “subject to” mortgage outstanding. I guess this is a tough sell to the seller if he/she wants to get another home and they have ok credit. What do lenders think about the outstanding mortgage?
Re: financing after the “subject to” - Posted by pedro Morales
Posted by pedro Morales on February 07, 2002 at 18:46:08:
I just want to know if you refinance mobile home, please contact me as soon as possible.
Thank you
Re: financing after the “subject to” - Posted by Bill
Posted by Bill on February 07, 2002 at 17:26:41:
Its been my experience that when they go to a lender looking for a new loan on their new house, the lender will take that subject to, loan into consideration. Its kinda like being the co-signer on a loan.
The banks position in my experience is that if the person that took the house subject to defaults, then the bank will eventually come looking for the person actually responsible for the loan. Same as the co-signer on a loan.
I always tell people that if for any reason I default on this loan that I just took subject to, then you are probably going to have to step in and bring it current or face the posibility of a foreclosure on your credit report. I want them to completely understand what they are doing before they agree to the deal.
Now I may be all wet in my assumptions about these things, so if someone has knowledge to the contrary, Im all ears.
Re: financing after the “subject to” - Posted by David Garcia
Posted by David Garcia on February 07, 2002 at 16:15:20:
seller can save the subject to contract & show it to the lenders. This will let them know that he’s not responsible anymore.