Sub To Question
when trying to buy via sub to how do you go about sending in payments for a homeowner who is about to be foreclosed on, assuming (i hate using that word ... someone ALWAYS says, "u kno what they say when u assume", hahaha) they probably owe so much that the lender wouldn't just accept monthly payments. wouldn't this trigger a red flag to a lender, like .. ok, this guy hasn't paid in 14 months, but now here come checks (none for backpayments) to cover his mortgage like nothings wrong!
please educate me on this, it sounds to me like it won't hold water.
have a productive dayl!
I believe and PLEASE someone correct me if im wrong, that as long as its in the sellers name, they (mortage company/lender)shouldn't have a problem with it. Providing you have a third party like a lawyer you make payments through, to show you have kept up your end of the bargin,and that they have been paying the mortgage on time. I think this is how it goes,but i'm no expert by any means,at least not yet.[ Edited by Alexis on Date 10/13/2003 ]
If someone doesn't make the back payments with penalties etc. the house will most often be lost to foreclosure. You don;t just walk in and start making the payments, you have to bring the loan current first.
I refer you to this link where the same conversation about back payments is going on.
http://www.thecreativeinvestor.com/modules.php?mop=modload&name=Forum&file=viewtopic&topic=13892&forum=34
John (LV)
thank you alexis and jeff for the replies, and john for the link - it was damn near the same question i had. haha. i figured i'd have to come up with back monies or just shop for owners who were not in that predicament. that could take me quite a while more to find someone like that.
<-- hehehe