Sbjuct To Lawyer In NC
Hi all,
I am new to the game (3mo) I may have found my first deal I want to do a subject to.
Can anyone recommend a lawyer who has done subject to and land trust in NC?
Hi all,
I am new to the game (3mo) I may have found my first deal I want to do a subject to.
Can anyone recommend a lawyer who has done subject to and land trust in NC?
Ok! so no land trust...
Subject to still ok though, right?
Here is my deal:
house scheduled to be auctioned off on Aug 31. FMV 90K opening bid 70K - one mortgage ,no second
I want to get the homeowner to sign a subject to purchase agreement, I would pay the back payments and penalties and talk to a judge to try to postpone the sale at auction to bide time, so I can get the bank to short sale the house.
Would this work? Any suggestions?
One more thing
will any lawyer be familliar with sub 2?
As long as you explain to the lender what is going on, you should be fine with the land trust deal.
I have closed a few land trust and had no problems. Even closing attorneys are surprised.
Hi guys,
Thank you all for all the responses. Very helpful! Really appreciate it!
P
Charlotte, why would you explain to the lender what is going on??? I simply told the lender I was the prop mgr and I am required to make the mortgage payments.
jsikes,
Glad to meet you.
Would you please point out the part where I had trouble over my Sub 2 deals in the following Article.
http://www.thecreativeinvestor.com/residential/modules.php?name=Articles&file=article&articleid=623
I was the one who was invited to talk about Subject To investing in North Carolina with the powers to be. Read the article they have no problem with Subject To investing as long as you disclose what is going on with the deal.
Did you ever think that the reason Subject To investing is still going on in North Carolina is because I spoke up on behalf of creative investors?
John $Cash$ Locke
[addsig]
Starhawk,
Glad to meet you.
This looks like a watered down version of HB 725, which did not go forward.
http://www.ncleg.net/gascripts/BillLookUp/BillLookUp.pl?Session=2005&BillID=HB725
Since it is not law at this time, we will have to see what the final results are and then act accordingly.
It looks like they are having a problem with the Judiciary Committee, which happened the last time with HB 725.
05/09/2007 [S] Ref To Com On Judiciary II (Criminal)
05/21/2007 [S] Withdrawn From Comm
05/21/2007 [S] Re-ref Com On Judiciary I (Civil)
http://www.ncleg.net/gascripts/BillLookUp/BillLookUp.pl?Session=2007&BillID=HB+1708&submitButton=Go
John $Cash$ Locke
[addsig]
Hello,
JohnMerchant wrote:
In fact, the sub-to deal is legal in all states, but only if FULL DISCLOSURE is given and signed off on by the seller.
Does anyone have an example of this kind of disclosure form? That I could look at or possibly use to cover my but
I just did my 1st sub 2 deal, William Tingle provides an excellent disclosure form in his course. I feel pretty confident as I covered all bases. For the bank to call a performing loan due at 8.5 interest would be nuts. I have every intention of keeping this loan current until its sold.
if the bank going to give a forbearance? I have seen back take the properties thru to foreclosure.
Bankruptcy will buy you some time for reorganization, but thats it. If you have lost your job, and behind on payments and facing foreclosure, once you get a job, now you have an income, but you have to make 4, or 5 or even 6 payments to catch up. You also have a bankruptcy on your record, and your credit shows several 90 days late payments. You are pretty much screwed after that.
SOMETIMES it is better to let the house go and move in with a relative or to a small apartment, lick your wounds and keep on going with life. You will have a foreclosure that should be able to be explained(divorce, loss of job, etc.). It will hurt credit wise, but it will be better than the many people who file bankruptcy and then in 6 months to a year end up losing their house to foreclosure ALSO. Double whammy.