Pay off a sub2 deal - Posted by Ira

import · September 24, 2003, 8:48am

Posted by Linda Simms on September 24, 2003 at 09:01:40:

The buyer’s lender, in my experience, is not concerned with whose names are on the existing loans, just that they are paid off by theirs or any other means. The existing loans/mortgages and who is in title are two separate things. I would not worry about it.

import · September 24, 2003, 8:48am

Posted by Ira on September 24, 2003 at 08:48:56:

Hello,

I have a question I’ve never thought before when I did a sub2 deal.

I’ve lived in a house where I bought through subject 2 (got the deed, put it in land trust, but the loan still under the seller’s name).

Now, if I want to sell it, and the new buyer apply for a loan through bank. Will the Buyer’s lender confuse because they’ll be paying someone else’s loan and not mine (as a seller)?

How does the pay off work if the deed is under the land trust (with me as beneficiary) and the loan is under the seller’s name?

Thanks!!
Ira

import · September 24, 2003, 4:19pm

Re: Pay off a sub2 deal - Posted by luke-NC

Posted by luke-NC on September 24, 2003 at 16:19:17:

Nope, not at all. The existing loan just has to be paid off, thats all no matter whose name it’s in.