Complicated Question
i did a subject to and recorded the docs at the clerks office...the former owner had back payments ( i found this out later)...the bank want to go into foreclosure....should i just buy it outright...what other options do you guys have?
thanks in advance
You already own the house. How could you buy it outright?
Why in the world would you buy a house subto and not make sure the payments are made current? It is very possible that you can contact the bank and make up the back payments and resume the loan. Another option would be to refi and get the loan in your name, if you have enough time.
your absolutly right ...when i aquired the home they were up to date i gave them 3 months to leave...in that three month they would make the payments ...this is my first subject to..now i know either leave now or give me the payments to make....any how i will contact the bank and negotiate some options thanks
You cannot....I repeat cannot, trust anyone.
Thats not true, Kid. You can trust me. Just send over a large basket of small bills and .. . . . .
the gentlemans handshake thing is dead
Refi and get a new loan.
refi and get a new loan with someone else or should i try to do something with the current company?
If the rate and terms are good on the note you took Subject To, why not just formally assume the loan. Maybe the lender will add the arrearages to the current loan balance. An assumption is usually a lot cheaper than getting a new loan.
Do any large lenders let somone else assume a loan? I have always assumed no.
the ball is rolling...brenda if i ask to find someto assume the loan where does that leave me? ...ive never heard of that.
If you assume the loan, you qualify with the lender, and they convert the loan documents to show the loan as yours. Most lenders will do this as long as you qualify. (For a small fee of course)
have you assumed alot of loans jeff?
i mesn i understsnd that but she mentioned find someone to assume the loan?
this sounds right to me...im getting financing from somewhere else ...i didnt even consider using the same insitution