My lawyer on Sub2's
Hi there all,
Get this, I contacted my lawyer about putting a Sub2 deal together and he told me how fraudulent that kind of deal would be and how much trouble I could get into.....! He is supposed to be versed in real estate laws. I guess it is time to move on and find another lawyer.
Goofy1 
Goofy1,
Have your Attorney read this Article from a Real, Real Estate Attorney.
http://www.legalwiz.com/dueonsale.htm
John $Cash$ Locke
Again,John comes thru !! Excellent article.Recomended reading for everyone.
While I am no expert on subject to deals, I am an attorney and there is nothing criminal or fraudulent about taking title to property subject to the existing mortgage. The problem comes in when people engage in "equity skimming" or other deceitful or wrongful acts, take advantage of the seller, and then leave the seller in the midst of a foreclosure. Worst case scenario, albeit unlikely if you are current on the payments, the bank finds out about the transfer and decides to call the note due and you have to refinance or sell quickly. Big deal. Nothing criminal about that.
jorge121,
I just added one more real deal attorney to my very short list of one's that get the picture.
I have a top notch Bankruptcy Attorney attending my next workshop in Las Vegas as a new student. He is very interested in this creative real estate industry.
I have received many great leads from him and he saw what I did with them, so I guess he firgures why not get in on the action himself.
Thanks for your input, you are on the good guy list.
John $Cash$ Locke
Thanks John! I'm happy to be on the good guy list, pretty exclusive from what I hear.
By the way, when r u going to take me up on that fishing trip???
J
To John Locke,
When are you going to be in the Tampa Bay area giving a course? I would very like to attend.
Dave_Pam at***Must have at least 5 friends to unlock***