Posted by Bud Branstetter on March 29, 2000 at 22:31:54:
When you take it subject to you do not promise to be responsible for their debt. If they are motivated they will agree to make or make up the payment for some time to save their credit. Otherwise, it is your choice. You can do a CYA letter that you do not agree to make up back payments unless you get someone to occupy. Don’t make their problem your problem.
What to do when they give you the deed (after you sober up)? - Posted by Lisa in Oz
Posted by Lisa in Oz on March 29, 2000 at 13:47:37:
I’ve had these people call me three times and each time I told them I wasn’t interested in buying their house. Now they’ve called again: four months behind in payments and they just want OUT!
I really don’t want it unless they deed it to me–should I make the back payments to get the deed? I’m going back to Brisbane on the 10th of April and time is running out. Can I get the deed and sell it to someone else for those back payments plus a couple of grand cash?
Even though they might deed me the house–what about the payments? I know the loan is in their name and the house will be in mine, but they’re going to want those payments made.
Any simple solutions? I’ve got more than I can handle with Lonnie Deals at the moment (too many buyers, not enough homes).
Thanks again guys,
Lisa Charles
“Lisa in Oz”