Seller Questioning Sub2 Deal
Greetings All,
I have a couple that could be willing to do a Sub2 deal with us but their concern is if they leave the existing first mortage in place, will that impair their ability to get another loan on their new home? I can see their point.
Do you think that if they could show the new mortgage lender that the other mortgage is being paid on (by me) that it would cancel it out so to speak. I would think that it would be like owning rental property or something, it is more than possible to own two homes at the same time.
Any thoughts 
Thanks guys
Goofy1 
it would likely be considered rental property with 75% of the payment amount made counted towards their income.
It would hinder them. When you rent properties, you have them (usually) listed on Schedule E, which would show the underwriters how much income they received. When you do a subject to deal, they will not be receiving any income, thus no schedule E, thus they would show both mortgages.
Feel free to email me with any more specific questions. I used to work with a major mortgage company...