Is This A Sub-2?
I have a seller who was facing foreclosure. They were behind 7k in payments.
They offered to sign the deed over to me for no fee at all, just make the current mortgage up to date and they will deed it over.
If I want to sell the home to a buyer with traditional financing, will I have a problem with the current lender when I go and try to sell?
I have heard and read about "due on sale" clauses that I do not want to lose my investment of 7k if anything happens.
Thank You
NguyenandCo,
Glad to meet you.
First if the deal was right I would have no problem doing this deal without all the hoopla.
However, in your case, the lender only wants their money so when someone wants to pay off the existing lender, there would be no problem, why would there be, as they are not going to say we do not want the money as they have to accept it.
Second, just call the lender say you are helping these folks and you are willing to make up the back payments, but you are going to need the deed when you do. Then tell them you are going to sell the property conventionally. When they give you permission to do so, then sell it.
John $Cash$ Locke
[addsig]
So should I offer him something for in the future. Oh I should make him think i am doing him the favor (which I would be really). So whats in it for him? And if he does not go for that how owner financing work?
I appreciate you getting back to me though. I already have his address and I will right him but haw does the rehab money come into play once I take over I can get a HELOC or refinace right ?
I probably would not want to refi though . As you can see I have a lot of questions but I will start where you told me www.to.Thanks so much