Got A Forebearance On A Sub2 Deal
on a sub2 deal, has anyone ever negotiated a payment plan of some kind with the lender?
If so, what were the terms?
Im trying to figure out how to get the missed payments put on the end of the loan AND take over sub2 without having lenders exercise d.o.s.
if i call and tell them i want to make the payments next month if the put the back payments on the end of the loan i cant see why the would call it due.
any one done something like this?
Verb
Verb:
Not an expert, but just answered this to another TCI poster with an idea I had.
I don't know if you can call the lender out of the blue and try to arrange for the arrears put on the back end if you bring the note current--my guess is they'll start asking pointed questions about you and your interest in the property.
My idea was to get an Authorization for Information signed by your seller you can send to the lender. Saying you're a friend, helping out the seller, you could make your inquiries about arrears moving the back end, etc. If they agree, have the seller sign any agreements to make this happen, then take the property sub2.
I'm thinking you may have to have some kind of agreement with the seller in advance; something about if you're able to help him with the arrears, he'll follow through on the sale (I just had the thought that after you work on fixing up his loan, he'll have a change of heart about selling to you...).
Just my .02, certainly not legal advice...
Andy
very good idea, and you bring up a good point - i would not want to have the lender think i was buying.
h
i would have to tell them i was a friend.
thanks
Yes you can negotiate a payment plan. The mort comp will ask your interest and you just tell them you are working on helping the reinstate, you could be mom-great uncle. They don't care. Always ask if they can wrap the payment to the back end of the loan. If not most will do a 3-6 month repay plan if you give them a chunk upfront. But to do all of this you may need a POA.
Best to you
Sire