whats the longest its taken to sell your homes you obtained subject 2. Im doing subject 2 and the loan is in my name, and im hoping the investor sells it soon., even though it only been 3 months.
i think these are questions you either should have asked the investor before hand or ask him now. because only he will tell you how long he plans on keeping the loan in your name or if he stated how long it could take upfront then that is the time frame. basically whatever his contract with you states. typically the loan stays in the sellers name for a couple of years or however long it takes for the investor to get someone financed to pay it off. but hey its probably better then having your credit trashed by a foreclosure. this way you probably got some cash out of it and hopefully will save your credit. if not i assume you were just going to let the bank take it correct?
Excellent reply...
I agree...
Give the seller both options, let them decide. I personally like #2. You have control of the deed...No other leins can be placed on the title from your seller...who knows what other debts they have, which could become judgements...attaching to her title...diluting your equity.
i think these are questions you either should have asked the investor before hand or ask him now. because only he will tell you how long he plans on keeping the loan in your name or if he stated how long it could take upfront then that is the time frame. basically whatever his contract with you states. typically the loan stays in the sellers name for a couple of years or however long it takes for the investor to get someone financed to pay it off. but hey its probably better then having your credit trashed by a foreclosure. this way you probably got some cash out of it and hopefully will save your credit. if not i assume you were just going to let the bank take it correct?
Any info. would be appreciated..... Does anyone have any experience with this?
Excellent reply...
I agree...
Give the seller both options, let them decide. I personally like #2. You have control of the deed...No other leins can be placed on the title from your seller...who knows what other debts they have, which could become judgements...attaching to her title...diluting your equity.
any thoughts?