"Subject to"? - Posted by RH-OK

Posted by Bert G on December 16, 1999 at 17:52:07:

Ron LeGrand covers this in one of his courses, rather amusing. Basically he tells the bank he has no intention of refinancing, and if they want the house, fine,its no skin off his nose. According to his tapes, the banks have always backed down eventually, as long as the loan was kept current.

As far as how it works in “real life”, I’d be interested in finding that out myself.


“Subject to”? - Posted by RH-OK

Posted by RH-OK on December 16, 1999 at 07:53:15:

Please explain Bronchick’s buying “subject to” strategy. I don’t understand how a person can get around the DOS clause.

Re: “Subject to”? - Posted by JPiper

Posted by JPiper on December 16, 1999 at 08:19:10:

Read Bronchick’s two articles in the “How To Articles” section of this site…“How to Beat the Due on Sale Clause”. Then ask a specific question.


Re: “Subject to”? - Posted by Jim (TX)

Posted by Jim (TX) on December 16, 1999 at 12:30:11:

No problem using this method but…

I notified the bank with the letter from Bronchicks course. Now the bank is sending paperwork to me to assume the loan. Hmmm…I have no idea why. Do you ever run across this problem? How do you handle?

Re: “Subject to”? - Posted by RH_OK

Posted by RH_OK on December 16, 1999 at 08:50:16:

Thanks for the nudge in the right direction. My question is answered.

Re: “Subject to”? - Posted by JPiper

Posted by JPiper on December 16, 1999 at 18:35:27:

First, I don?t notify the bank. I can?t tell you why Bronchick suggests this?.you?d have to ask him. I can tell you it works fine not to notify them. I?m a believer in a low profile?and to me notifying just raises the profile a notch. Why do it?

What I do however is to change the address. I have the seller send a letter which is signed at closing requesting that the address be changed to XYZ St., and to send all further communications to that address.

Further, I don?t know what your letter says?.it would be interesting to know. Evidently the bank must think you?ve assumed the loan without their authorization if they?ve sent you an assumption package. It?s not a problem that I have, since I don?t notify them.

I?d probably attempt to let this assumption package thing die down?.chances are it will. And perhaps you can tell me why Bronchick thinks you should inform the bank that you have deeded to a trust.