Yes,
You can take a house sub2 that is behind. If you plan to Refi you do not have to worry about the DOS. Why are you wanting to Refi? The whole point of using sub2 is to get the deed and keep the current mortgage in place.
What is the current interest rate of the existing loan? How long left? Is it fixed? Is there a pre-payment penalty? Is there a balloon?
These are questions you need to answer before you decide to refi. Also, it could be that the owners want the existing mtg out of their name. If that is the case, than this really isn't a sub2, is it?
[ Edited by jhadd on Date 05/14/2004 ]
If you want to keep the existing loan in place, see if the loan can be re-instated and how much $ it would take. I would have the owners call thier mortgage company and see what can be done. You can also get an authorization to release info signed by the owner and call them yourself. Read other postings on Sub2 and pre-foreclosure. Most the info you are looking for can already be found on previous posts.
You need to either get a general auth and contact the lender or just call the lender from the sellers home. The lender can provide you with the information to bring the loan current (amount of arrears, late fees, etc). I am assuming this is already in the foreclosure stages, so attorney's fees will also apply. Depending on how far along the process is, the lender may refer you to the foreclosing attorney. Good luck.
keedaah,
Yes,
You can take a house sub2 that is behind. If you plan to Refi you do not have to worry about the DOS. Why are you wanting to Refi? The whole point of using sub2 is to get the deed and keep the current mortgage in place.
JB
Keedaah,
What is the current interest rate of the existing loan? How long left? Is it fixed? Is there a pre-payment penalty? Is there a balloon?
These are questions you need to answer before you decide to refi. Also, it could be that the owners want the existing mtg out of their name. If that is the case, than this really isn't a sub2, is it?
[ Edited by jhadd on Date 05/14/2004 ]
[ Edited by keedaah on Date 12/16/2005 ]
pay the past due
keedaah,
If you want to keep the existing loan in place, see if the loan can be re-instated and how much $ it would take. I would have the owners call thier mortgage company and see what can be done. You can also get an authorization to release info signed by the owner and call them yourself. Read other postings on Sub2 and pre-foreclosure. Most the info you are looking for can already be found on previous posts.
JB
You need to either get a general auth and contact the lender or just call the lender from the sellers home. The lender can provide you with the information to bring the loan current (amount of arrears, late fees, etc). I am assuming this is already in the foreclosure stages, so attorney's fees will also apply. Depending on how far along the process is, the lender may refer you to the foreclosing attorney. Good luck.