Rental Property Investor · Mansfield, CT · Member since 2021 · 225 posts · 131 votes
4y
Yes! There's also a great video on this from the bigger pockets podcast, including to why you should also get subject to insurance. But they may seem scary but aren't. What are some questions you have?
Rental Property Investor · Mansfield, CT · Member since 2021 · 225 posts · 131 votes
4y
Yes! There's also a great video on this from the bigger pockets podcast, including to why you should also get subject to insurance. But they may seem scary but aren't. What are some questions you have?
Well first things first karl, I have an elder woman behind just 60,000.00 behind or her mortgage and she is willing to go the subject to route but as a new Investor I do not know much about subject to and really what the purpose is, as well as all I would need to in this matter as far as paperwork. Maybe you can fill me in if you have the time.
Well first things first karl, I have an elder woman behind just 60,000.00 behind or her mortgage and she is willing to go the subject to route but as a new Investor I do not know much about subject to and really what the purpose is, as well as all I would need to in this matter as far as paperwork. Maybe you can fill me in if you have the time.
;ab_channel=BiggerPockets
Ok, so with that you are taking over the mortgage and the deed is getting transferred to you. You take over her debt and take over her payments. However with her being 60k behind in payments, if I'm understanding that correctly. You take over the debt, id absolutely buy "Subject to" insurance to protect yourself from the Due on sale Clause(Also known as "Due on Sale insurance". If she's that far behind its hard to believe she's not in foreclosure. Youll need to catch up with payments in most cases if shes behind. Message me for more info! Check the video out start at (16:30) if you want a good insight, or watch the full podcast. Subject to - Bigger Pockets Podcast