Comments on: Can You Answer These Subject-To Questions? http://www.biggerpockets.com/renewsblog/2009/06/24/answer-subjectto-questions/ Learn, Network, Invest Mon, 23 Nov 2009 13:13:51 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Jay http://www.biggerpockets.com/renewsblog/2009/06/24/answer-subjectto-questions/comment-page-1/#comment-74987 Jay Fri, 06 Nov 2009 00:00:02 +0000 http://www.biggerpockets.com/renewsblog/?p=5714#comment-74987 Very infomrative article. Thank you for your post about these loan scenarios. Very infomrative article. Thank you for your post about these loan scenarios.

]]> By: LoanSurvivor http://www.biggerpockets.com/renewsblog/2009/06/24/answer-subjectto-questions/comment-page-1/#comment-66514 LoanSurvivor Sat, 27 Jun 2009 13:56:41 +0000 http://www.biggerpockets.com/renewsblog/?p=5714#comment-66514 Your comment about just writing a letter to absolve a borrower of the home & mortgage they sold subject-to so they can get a new mortgage on a home is out of touch with the new lending reality. Check out this FNMA update: https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf Read pages 5 & 6 CAREFULLY. You can no longer rental income from your old home to qualify for a new home mortgage unless you either have 30% equity in it or have a two year history of being a landlord with supporting evidence on your tax returns. Please make sure your readers are aware of this. Your comment about just writing a letter to absolve a borrower of the home & mortgage they sold subject-to so they can get a new mortgage on a home is out of touch with the new lending reality.

Check out this FNMA update:
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf

Read pages 5 & 6 CAREFULLY. You can no longer rental income from your old home to qualify for a new home mortgage unless you either have 30% equity in it or have a two year history of being a landlord with supporting evidence on your tax returns.

Please make sure your readers are aware of this.

]]> By: Susan Zanzonico http://www.biggerpockets.com/renewsblog/2009/06/24/answer-subjectto-questions/comment-page-1/#comment-66496 Susan Zanzonico Fri, 26 Jun 2009 16:00:57 +0000 http://www.biggerpockets.com/renewsblog/?p=5714#comment-66496 I agree...these are definitely some things to think about..no one talks about options on these topics much. Thanks. I agree…these are definitely some things to think about..no one talks about options on these topics much. Thanks.

]]> By: reim guy http://www.biggerpockets.com/renewsblog/2009/06/24/answer-subjectto-questions/comment-page-1/#comment-66486 reim guy Thu, 25 Jun 2009 19:51:03 +0000 http://www.biggerpockets.com/renewsblog/?p=5714#comment-66486 Jason, Good job answering some of the questions that rarely get asked! But, should be! Jason,

Good job answering some of the questions that rarely get asked! But, should be!

]]> By: LDS Realtors Nationwide http://www.biggerpockets.com/renewsblog/2009/06/24/answer-subjectto-questions/comment-page-1/#comment-66478 LDS Realtors Nationwide Thu, 25 Jun 2009 08:47:06 +0000 http://www.biggerpockets.com/renewsblog/?p=5714#comment-66478 thank you for these FAQ thank you for these FAQ

]]> By: Christina http://www.biggerpockets.com/renewsblog/2009/06/24/answer-subjectto-questions/comment-page-1/#comment-66469 Christina Wed, 24 Jun 2009 17:51:50 +0000 http://www.biggerpockets.com/renewsblog/?p=5714#comment-66469 This is a great blog post, I have been doing Sub-To for 4 years now, have successfully purchased 14 homes that way, and I have 1 comment and one question - First, I have had 2 sellers now that have NOT been able to obtain financing because the loan is still in their name and then I had 1 that successfully DID obtain financing. I'm not certain if the current economic situation is causing it or what has changed. Second, have you ever had a seller file bankruptcy and include your property in the filing (despite it being in the paperwork that they can't include it). This did not happen to me, but to another investor. Do we have legal rights against this? The investor hired a lawyer and lost the case and the house (and the tenants obviously had to move out as well- not good). This is a great blog post, I have been doing Sub-To for 4 years now, have successfully purchased 14 homes that way, and I have 1 comment and one question – First, I have had 2 sellers now that have NOT been able to obtain financing because the loan is still in their name and then I had 1 that successfully DID obtain financing. I’m not certain if the current economic situation is causing it or what has changed.

Second, have you ever had a seller file bankruptcy and include your property in the filing (despite it being in the paperwork that they can’t include it). This did not happen to me, but to another investor. Do we have legal rights against this? The investor hired a lawyer and lost the case and the house (and the tenants obviously had to move out as well- not good).

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