Subject-to? Wrap? Pre-foreclosure? I'm confused. - Posted by AnnaSalk

Posted by Bill Gatten on January 13, 2001 at 16:33:45:

Anna,

Whether there would be an Escrow or not, would depened upon what the 2nd Mtg. holder wanted. If it’s just a restructuring, extention (with re-amortization) or a discounted payment stream, I wouldn’t think so; however, it if involves multiple payouts, pro-rations, title insurance replacment or endorsment, exchange of moneys, etc…then I’d think Escrowing it would be prudent.

Zis help at all?

Bill

Subject-to? Wrap? Pre-foreclosure? I’m confused. - Posted by AnnaSalk

Posted by AnnaSalk on January 13, 2001 at 16:27:40:

I was advised as to my particular scenario already by some kind & knowledgeable people, and I’m still confused. I could describe the situation in greater detail, but basically this is what I don’t understand:

Seller has two mortgages. The second has such high interst rates that he will soon not be able to make the payments. (Life situation has changed.) Is it possible for a Buyer to come in, refinance the second but keep the first? At which pont would there be a close of escrow?

Thank you for any help with this, I will really appreciate it.