Form For The Seller
Greetings all..... Lets say that a couple is willing to do a Sub 2 deal but their concern is their ability to obtain a loan for their future home. Would there be a contract or form that would show the loan officer that the outstanding mortgage is being satisfied? Lets say their outstanding mortgage payment is $1,000 and my payment to them is $1,000 (counted like income to them). That the outstanding mortgage is a wash, cancels eachother out. Is there a form for such an animal? I think it would give the seller piece of mind. thanks Laning1
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You can show the new lender the settlement statement from the sale (sub-to) that shows that YOU are now making THEIR payments. Also/Alternatively, If you use a Loan Servicing Company, they can send a letter ('proof"
to the new lender stating that the seller is no longer making the payments.
Hope this helps,
Sam
:-D
Thanks for the info.... that makes sense!