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Taking title subject to existing loans

Posted by John-CA on June 10, 2003 at 0:41 AM

Ward,

Can you help out?

My question pertains to how can you take over and change title subject to existing loans after EPA & notice of cancellation and Grant Deed has been signed with seller? The procedure is for my primary residence and not for investment purposes.

Does the procedure actually changes the name title to yours if you are the buyer and how long does it take for title to be changed once recorded? and what about the lender? They will find out very soon once it's recorded and may call loan due if it's not assumable and would I need to verify first with homeowner? ( Of course I am going to refi but that takes 1-2months total)

And how can I open escrow, and put a contingency "Clean Title" clause when I know there is still a lien on the property so there it is not a clean title knowingly. And can I purchase Title insurance in this type of deal?

My biggest confusion is how can lender accept or is it legal to take title, subject to existing loans? The lender must want to check your credit obviously.

Lastly, how do you actually reinstate the back taxes and payments? do you have to send cashiers check through escrow or physically mail the check yourself ?

John



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