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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Buying Subject to and other questions Posted by Ben on November 05, 2003 at 3:11 AM Not exactly sure how buying "subject to" works. I would receive the deed to the property... I would be stepping in and catching up the homeowner on payments.... I would then take over future payments. Question... Isnt the mortgage still in the homeowners name? If I sell it, does the homeowner have to come to the closing? Not sure what happens to the mortgage, no one seems to address anywhere. Mortgage assumption. If I find a deal I like, can I call the mortgage company of the homeowner and have the mortgage transferred to me? I do not mind undergoing qualification, but I dont have a job at the current time and wonder if that poses a problem. Anyone currently doing this? How are people financing their investments? I am a newbie with about 40g cash and 100g in equity on my own house. I DO NOT have a job. I would assume that I would be unable to obtain traditional financing because I do not have a job. Would this be the case and should I seek a hard dollar lender? Any help would be appreciated, I am going to try this full time for a few weeks to see if this is right for me and will be very careful with the properties I deal with. I have a Title company lined up, an attorney, paperwork/forms, strategy.... just trying to tie up financing. Follow Ups: Qualifying The Unemployed SeanW 7:00 AM, 11/05/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Not exactly sure how buying "subject to" works. I would receive the deed to the property... I would be stepping in and catching up the homeowner on payments.... I would then take over future payments. Question... Isnt the mortgage still in the homeowners name? If I sell it, does the homeowner have to come to the closing? Not sure what happens to the mortgage, no one seems to address anywhere. : Mortgage assumption. If I find a deal I like, can I call the mortgage company of the homeowner and have the mortgage transferred to me? I do not mind undergoing qualification, but I dont have a job at the current time and wonder if that poses a problem. Anyone currently doing this? : How are people financing their investments? I am a newbie with about 40g cash and 100g in equity on my own house. I DO NOT have a job. I would assume that I would be unable to obtain traditional financing because I do not have a job. Would this be the case and should I seek a hard dollar lender? : Any help would be appreciated, I am going to try this full time for a few weeks to see if this is right for me and will be very careful with the properties I deal with. I have a Title company lined up, an attorney, paperwork/forms, strategy.... just trying to tie up financing. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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