Sub2 Question
Is one supposed to disclose to the lender the fact that they are taking over the mortgage on a property? I think it would only be right, being they dont want the real estate, and you dont want to be accused of fraud by covering it up. I keep hearing that the DOSC is a "law" in some states, but Im not sure if I believe it 100%.
Does anyone here deal in sub2's? Do you contact the lender and tell them what is going on with the mortgage change? If so, has it ever triggered the DOSC? Does one need a good standing with that particular lender to aviod the trigger?