Posted by GregNorman on May 04, 2000 at 14:20:48:
David,
What’s a ‘loan authorization form’? Can you e-mail me a copy of one? Thanks.
GregNorman
PS - Got the book yesterday. Thanks again!
“subject to” and payment booklet… - Posted by Mark
Posted by Mark on May 01, 2000 at 17:22:27:
I’m ready to take over a property subject to the existing mortgage. I’m going to either L/O, or sell on a CFD. However,I am a bit confused about the payment book. With this particular lender(Homeside) they don’t issue a payment book, they send three months of payment coupons(every 3 months obviously)What should I do here? Since I will be in the deal for at least a year or two depending on nthe type of buyer I get. How should I handle the bank in this deal? Any suggestions are greatly appreciated.
Re: “subject to” and payment booklet… - Posted by ken in sc
Posted by ken in sc on May 02, 2000 at 07:54:33:
Have the seller write a letter to his mortgage company saying “The XXX CO.will be managing the property and making the payments. Please send all correspondence to their address off…” signed. Mr. Seller
Works every time.
Re: “subject to” and payment booklet… - Posted by JohnB_NJ
Posted by JohnB_NJ on May 02, 2000 at 02:57:11:
Mark,
I change the address on the first coupon to my P.O. Box. No sweat. From that point on, the lender sends the coupon book (or monthly statement) to my P.O. Box. If you have a P.O. Box make sure you inform the Postmaster (or clerk) that any mail with your sellers name on is to be placed in your box. I almost missed a document because the post office clerk didn’t recognize the name and almost returned it to sender.
By the way, Bronchicks Land Trust book and “Nuts and bolts of Creative RE Transactions” have all the documents you need and University title can handle it for you. Good luck…
I have 2 “subject to” deals I am working on so I can easily show you the documents that University Title is used to…call and stop by…
_JohnB_NJ
Re: “subject to” and payment booklet… - Posted by David Alexander
Posted by David Alexander on May 01, 2000 at 21:07:17:
Fax in a Power of Attorney and a Loan authorization form to the Lender and tell the to change the address on all information regarding the property and let them know you will be handling anything regarding this property, that your currently managing it for the Mortgage holder.
David Alexander
Re: “subject to” and payment booklet… - Posted by WilliamGA
Posted by WilliamGA on May 01, 2000 at 20:38:19:
Mark,
If you place that property in a Title holding Land Trust and then have the seller assign you the interest to it as you take this property subject to, you can then get the seller to sign docs naming you as the Trustee.(or whoever you choose to be trustee) With this authorization document, you may contact the lender explaining that the property has been placed in a land trust and you will need all future communication concerning this loan to go to the named trustee.
It may sound confusing, but it is really not. I have now done it several times and the lender always seems to just roll over. Follow up with them after you send them a copy of the authorization from the seller to make sure that they understand, and then they will send the coupons to the trustee.
Good Luck!
WilliamGA