I found this company that will charge me $200 to get a list of homes where I can take over the mortgage payments. They are also claiming that I will go on title. Is this possible? Also if I'm paying for 10 years or pay the house in full can the owner come back and kick me out of the home?

Is the company telling you this can be done without any kind of credit or employment verification?  You do realize these are the two top reasons contributing to our current sad state of affairs?

Most notes contain a due on sale clause, meaning, if title every transfers without the lender's authorization, the lender can call the loan due in full.  Taking over the loan (assumption) without the noteholder's permission is called a "land installment contract" which is saying the new buyer is taking over the loan without notification of the lender.  In my state (VA), it's highly controversial if legal, even when an attorney conducts the closing.  Some say there are some loop holes in the law and can be done legally if one knows what they are doing.  If you can't get title insurance from a major title insurer, don't even consider it.

As with everything else, it it's too good to be true, it most likely is not true.  I suspect this is a grand way to scam $200 - a perfect price range when one is considering if they are going to go after a refund legally.  After all, you would most likely spend more for a lawyer than you would on the original $200,

My guess is that they are going to sell you a list of homes with assumable FHA mortgages.  Most would require credit qualification since they would have been mortgages recently made.

I'am very interested in the company that you where able to pay , for the list of home that are willing  to let you take over

there mortgage payment . I not able to purchase a home , this will help my family so much

if you can provide me this onformation so I can check it out.

 

I am not sure why they would charge you for a list of homes. Surely if you just do a google search for such homes in your area there would be a myriad of sites offering these same types of programs. I have such a site in the Austin, TX area and am more than willing to let the world know about it for free. After all, that is how I sell the homes anyway. The homes are deeded to the new buyer giving 100% ownership in the property, we do close with title companies who DO offer title policies and we use attorneys to draft all the paperwork. If a home is owned outright then the seller can sell it however they choose. If there is a mortgage, it is true that the lender HAS THE RIGHT, NOT THE OBLIGATION to call the loan due. Even after we notify the lender of the transfer, we have not yet had a bank call the note due after 6 years of practicing this. For more info on these properties, go to www.florenciaproperties.com.

Randy Stevens:

Even after we notify the lender of the transfer

 

Suuuuuuuuuuuuurrrrrrrrrrrrrreeeeeeeeee you do.

to all consumers that may be reading this....when something sounds too good to be true..........well, you know.

Curt, are you giving the impression that all Subject2 investors do NOT notify the lender of the change in ownership?

Are you aware of "Subject-To" investing?

I briefly reviewed your profile and noticed that you're a very intelligent mortgage broker with many years of experience. I wonder if you could shed some light on what lines 203/503 on your standard HUD1 settlement statement mean to you?

I can assure you the smart Subject2 investors DO notify the lender. We are NOT worried about the big bad scary term "Due on Sale Clause" that so many brokers throw around who never actually have dealt with a Sub2 deal. It still amazes me that even the smartest minds in the Mortgage industry still have not a clue. If you're interested in learning how you can seriously improve your abilities as a Mortgage Broker to not only your retail consumer clients but also the investing community, drop me a line some time, I'll open your eyes. Subject2.com

careful.....eyes wide shut.

Nick Johnson:

Curt, are you giving the impression that all Subject2 investors do NOT notify the lender of the change in ownership?

 Yes, I am.

Nice website Nick, what do you mean by this: "Tabletop closings vs. title company closings: how to know which one to use when you’re buying—and which one you always want to use when selling."  I think I know.....

I'd be interested to hear what you know.

 

I'm pretty sure you're still assuming things by the way you end the posts like this.......

Can you tell me why a Subject2 investor, or any investor for that matter would do a table top closing?

 

Also, please don't forget to give me your explanation of lines 203/503 on the HUD1 statement

 

 

Ol Curt here huh lmao. My pops retired at 35 off of table loans bro. So what you're saying is a bank with a house in foreclosure that is losing money on taxes and lack of monthly payments will turn down an assumed loan that is getting paid on the basis of????? So bank in question is losing money and here someone assumes payments and gasp!!! GIVES THEM MONEY and you're saying they reject that money??? LMFAO anyone taking realestate advice from this yokel is on a short ride to broke. Heres a clue for you moron, the bank will accept that loan and any paperwork verifying it as long as you make payments. EVEN, if you have shitty credit and they find out about this months later, they will still allow the loan as long as money rolls in. They will have you on a very short leash but most loans have in documentation when signing papers during escrow an assumption notice that will tell you details of assumption if any but most do have an assumable clause. And Im a constuction worker bro and Ive only bought one house but I bought it when I was 19 and I flipped it for 380 k more than 200% proffit so bite me. And how's the market lately??? Selling lots of houses???

i called the same people they said the 200 was for title seaches to make sure there were no leans on the poperty. I'm unsure of this because it does sound to good to be true and wondering if its ligit. are there programs like this and what should i look for ? what fees will i be responsible for ? would a rent to own program be better ? is that what it is called a subject2 .. i would appreciate any advice on the subject . thank you

 

Can you please be more specific - such as who did you call?  Do they want $200.00 up front for a title search - if so that is something I would question, as your attorney or title company, once you make the offer will order the title search - and that is a % of either the purchase price or the mortgage amount.  Ren to own is something that is a bit more complicated than it sounds.  Only a percentage of your rent can be used towards the rent to own program, not your total rent so you must work with a company that has the rent to own guidelines in place.  If you give us some detials we can better help you with your question.  Subject to is usually a term meaning the sale or approval for purchase is subject to a condition. 

Hi...

I was a Mortgage loan Officer for 7 years. If your loan as already been submitted and approved, and you have a closing date you should be fine. The only thing that can trip you up is if they havent done a verification of employment (VOE) yet... which depending on how busy your mortgage company is can be the last thing to be done, or in the very beginning... there also is the possibility that the VOE can be done just prior to closing as part of an internal audit, or spot check if you will, but this is highly unlikely.

Thanks,

Richard

________________

UsRealty.com

I have to be honest I am not sure sure yet, but I just paid for a list of homes in our area and I am going to attempt to take over notes on a home, which my family and I can invest in. They do ask how much income your family makes, and I will let you know how it goes. For the time being I will give you the number to call and the homes are a list of homes that are going to be foreclosed unless someone takes over payment.

 

The number is 1-888-251-4193 !!

I am fully agree with kent I am also thinking that they are going to sell a list of homes ,

 

 

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