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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Subject To Financing - Questions Posted by Jk on November 18, 2003 at 1:38 PM In Reply to: Subject To Financing - Questions posted by Brian Lee on November 18, 2003 at 9:25 AM : Question 1: : ============ : I've read about the "subject to" financing proposed by Conti and Finkel. : While they mentioned techniques to avoid the lender accelerating the mortage by a buyer accidentally notifying them thru a change in the hazard/home insurance beneficiaries, the book I read did not address the issue of property tax payments. : Most mortgage lenders take care of paying BOTH the hazard insurance and the property taxes. : How exactly does the lender NOT find out about the new owner's name being on the tax bill? : I am assuming, for this question, that the "subject to" buyer is going to actually take title and register this title, as I would want to get title insurance (which I assume you need to register the title change to get?). : Question 2: : ============= : If I purchase thru a land sales contract, I would set myself up as the trustee to get myself as the mortgage contact person without being the actually mortgageee. Can being the trustee be my way of also getting my name onto the property tax as contact? Even then, once I have the seller transfer all land trust beneficiary rights to me, I would have to register the title in my name to get title insurance, right? : Question 3: : ============== : Don't lenders monitor the public county title records of their mortgaged properties periodically, to ensure borrowers aren't selling "subject to"? : Does the country tax collectors or country courthouses notify the lender when a title is transferred and/or when a new taxpayer is listed on the tax bill? : : Brian. Of course a lender can find out that the property has transferred title. I think the point that you are missing is that most lenders don't care. They only want their money every month. Now if rates go up above 8%, than perhaps they will start looking at all those loans that are in the 5% - 6% range. What Ward has detailed is a way to not make it blatantly obvious that title has changed. Follow Ups: Re: Subject To Financing - Questions Brian Lee 2:27 PM, 11/18/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Question 1: : : ============ : : I've read about the "subject to" financing proposed by Conti and Finkel. : : While they mentioned techniques to avoid the lender accelerating the mortage by a buyer accidentally notifying them thru a change in the hazard/home insurance beneficiaries, the book I read did not address the issue of property tax payments. : : Most mortgage lenders take care of paying BOTH the hazard insurance and the property taxes. : : How exactly does the lender NOT find out about the new owner's name being on the tax bill? : : I am assuming, for this question, that the "subject to" buyer is going to actually take title and register this title, as I would want to get title insurance (which I assume you need to register the title change to get?). : : Question 2: : : ============= : : If I purchase thru a land sales contract, I would set myself up as the trustee to get myself as the mortgage contact person without being the actually mortgageee. Can being the trustee be my way of also getting my name onto the property tax as contact? Even then, once I have the seller transfer all land trust beneficiary rights to me, I would have to register the title in my name to get title insurance, right? : : Question 3: : : ============== : : Don't lenders monitor the public county title records of their mortgaged properties periodically, to ensure borrowers aren't selling "subject to"? : : Does the country tax collectors or country courthouses notify the lender when a title is transferred and/or when a new taxpayer is listed on the tax bill? : : : : Brian. : : Of course a lender can find out that the property has transferred title. I think the point that you are missing is that most lenders don't care. They only want their money every month. Now if rates go up above 8%, than perhaps they will start looking at all those loans that are in the 5% - 6% range. What Ward has detailed is a way to not make it blatantly obvious that title has changed. 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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