Comments on: Overcoming the Objections from "Subject to" Sellers http://www.biggerpockets.com/renewsblog/2008/04/28/overcoming-the-objections-from-subject-to-sellers/ Learn, Network, Invest Wed, 08 Oct 2008 01:30:34 +0000 http://wordpress.org/?v=2.6.1 By: Tom Lindmark http://www.biggerpockets.com/renewsblog/2008/04/28/overcoming-the-objections-from-subject-to-sellers/#comment-56521 Tom Lindmark Sat, 03 May 2008 17:12:57 +0000 http://www.biggerpockets.com/renewsblog/2008/04/28/overcoming-the-objections-from-subject-to-sellers/#comment-56521 423-It's pretty amazing what people will do without regard to the consequences. In Phoenix we have people advertising on Craigslist the sale of their home's fixtures before the house gets turned over to the bank. They are ripping out kitchen cabinets, flooring, air conditioning units, ceiling fans, basically anything of value and selling it before the banks can get their hands on the property. 423-It’s pretty amazing what people will do without regard to the consequences. In Phoenix we have people advertising on Craigslist the sale of their home’s fixtures before the house gets turned over to the bank. They are ripping out kitchen cabinets, flooring, air conditioning units, ceiling fans, basically anything of value and selling it before the banks can get their hands on the property.

]]> By: 423Chandler http://www.biggerpockets.com/renewsblog/2008/04/28/overcoming-the-objections-from-subject-to-sellers/#comment-56448 423Chandler Thu, 01 May 2008 00:50:38 +0000 http://www.biggerpockets.com/renewsblog/2008/04/28/overcoming-the-objections-from-subject-to-sellers/#comment-56448 Lindmark, I agree with you. I happened to see a speaker on these "subject to" deals one time and he basically said that he just doesn't notify the lender and hope the lenders hardly ever catch on. He didn't really seem to think it was that big of a deal. I thought it was a little dumb for a guy to be up in front of 100 people explaining how he breaks the law when he does these transactions. Lindmark,

I agree with you. I happened to see a speaker on these “subject to” deals one time and he basically said that he just doesn’t notify the lender and hope the lenders hardly ever catch on. He didn’t really seem to think it was that big of a deal. I thought it was a little dumb for a guy to be up in front of 100 people explaining how he breaks the law when he does these transactions.

]]> By: Tom Lindmark http://www.biggerpockets.com/renewsblog/2008/04/28/overcoming-the-objections-from-subject-to-sellers/#comment-56441 Tom Lindmark Wed, 30 Apr 2008 16:03:52 +0000 http://www.biggerpockets.com/renewsblog/2008/04/28/overcoming-the-objections-from-subject-to-sellers/#comment-56441 423 Chandler you're right. Just about every loan that has been originated, whether it's FHA, conventional, subprime or Alt-A has a due on sale clause. So any wrap like this triggers that clause. If the lender doesn't know about it they won't call the loan but if they do they will call it. Nevertheless, it's fraud to do these transactions and not tell them. 423 Chandler you’re right. Just about every loan that has been originated, whether it’s FHA, conventional, subprime or Alt-A has a due on sale clause. So any wrap like this triggers that clause. If the lender doesn’t know about it they won’t call the loan but if they do they will call it. Nevertheless, it’s fraud to do these transactions and not tell them.

]]> By: 423Chandler http://www.biggerpockets.com/renewsblog/2008/04/28/overcoming-the-objections-from-subject-to-sellers/#comment-56426 423Chandler Wed, 30 Apr 2008 01:05:15 +0000 http://www.biggerpockets.com/renewsblog/2008/04/28/overcoming-the-objections-from-subject-to-sellers/#comment-56426 Milton, The one thing I can't get past on "Subject to" deals is that most (if not all) mortgage notes require the lender to be notified upon transfer of deed of trust. It seems like during a period of rising interest rates, they would call the loan as soon as you notified them. Thanks, Michael Milton,

The one thing I can’t get past on “Subject to” deals is that most (if not all) mortgage notes require the lender to be notified upon transfer of deed of trust. It seems like during a period of rising interest rates, they would call the loan as soon as you notified them.

Thanks,
Michael

]]> By: Payday Loans http://www.biggerpockets.com/renewsblog/2008/04/28/overcoming-the-objections-from-subject-to-sellers/#comment-56417 Payday Loans Tue, 29 Apr 2008 17:51:16 +0000 http://www.biggerpockets.com/renewsblog/2008/04/28/overcoming-the-objections-from-subject-to-sellers/#comment-56417 Wow! That is pretty messed up. Thanks for the advice. Wow! That is pretty messed up. Thanks for the advice.

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