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Re: Consequences of a "subject to" transaction.

Posted by Ward-CA- on February 21, 2002 at 7:33 AM

In Reply to: foreclosure posted by paul on February 20, 2002 at 7:00 PM

: Could someone please tell me what my options are:
: I have a foreclosure date of march 5th, the lender has called the note due, I have a investor that would like to take the property over on a subject 2 he said it will help myself with my credit. Please if I can get some advise it would be greatly appreciated.
: Thanks Paul

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Paul,

Looks like you have two primary options. One is to deal with the investor and the other is to continue what you might be doing with the lender to ameliorate your foreclosure situation (deed-in-lieu, forebearance agreement, short sale, etc.)

Allowing the investor to take title to the property without formally assuming the responsibility for the loan and its repayment to the lender might allow you an escape from the impending foreclosure, but a ‘subject to’ loan arrangement leaves your credit open to be sullied by the non-performance of the investor or her successors in interest, for the balance of the term of your loan. That might be a long time.



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