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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Buying "subject-to" the existing loans. Posted by Reged Investments on June 14, 2001 at 9:18 AM In Reply to: Re: Buying posted by Ward-CA- on May 25, 2001 at 7:07 PM : : how do you sell the idea of buying the owner's property 'subject to" From their point of view I don't think I'd like to have my name still on the loan. : : How long hve you owned a subject to home? : =•=•=•=•=•=•=•=•=•=•=•= : Todd, it's fairly easy to convince a motivated seller to allow me to take title "subject to" her existing trust deeds. However, if I run into any reluctance I pull out my "Performance Deed of Trust" document to guarantee my promise to make those monthly payments on time. After that they just settle down and start purring again. : First of all, none of my "subject to" mortgage takeovers ever came undone. The longest one (an apartment house) ran for 18 years before it ballooned due two years ago and I paid it off. Another one ran for 13 years before I upped and paid it off because of its relatively high interest rate (13.0%). : Todd, if you do these "subject to" takeovers with the title holding trust device the banks never get suspicious—so they just don't come undone. _______________________________________________________ Ward, What is a Performance Deed of Trust and how do we go about setting one up? Is this a form that has to be filled out that give the seller some type of a security blanket to fall back on? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : how do you sell the idea of buying the owner's property 'subject to" From their point of view I don't think I'd like to have my name still on the loan. : : : How long hve you owned a subject to home? : : =•=•=•=•=•=•=•=•=•=•=•= : : Todd, it's fairly easy to convince a motivated seller to allow me to take title "subject to" her existing trust deeds. However, if I run into any reluctance I pull out my "Performance Deed of Trust" document to guarantee my promise to make those monthly payments on time. After that they just settle down and start purring again. : : First of all, none of my "subject to" mortgage takeovers ever came undone. The longest one (an apartment house) ran for 18 years before it ballooned due two years ago and I paid it off. Another one ran for 13 years before I upped and paid it off because of its relatively high interest rate (13.0%). : : Todd, if you do these "subject to" takeovers with the title holding trust device the banks never get suspicious—so they just don't come undone. : _______________________________________________________ : Ward, : What is a Performance Deed of Trust and how do we go about setting one up? Is this a form that has to be filled out that give the seller some type of a security blanket to fall back on? 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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