Owner was scammed

[Shanequa J.]

I'm buying a house from an out if state seller. We talk often and have a good relationship. She calls me to tell me about how her sister got scammed.

Long story short, she thought she was selling her house and getting the loan out of her name. The investor kept the loan in her name and missed 2 months if payments. On the CAR contract, he checked other and wrote "buyer will buy house subject to seller's mortgage and pay off loan balance." Instead of checking the assumption box and giving her the required addendum, he took the sleazy way. The title company is nervous because they didn't ask for the addendum either.

Can she resell the house with his name on the title since he scammed her and didn't pay the mortgage each month? I don't know anything about Fresno, but I was thinking about wholesaling the house. 

[Jay Hinrichs]

@Shanequa J.  its a classic sub too rip the rents scenario.. and why I personally think Sub too is extremely dangerous for the average seller..

there are NO assumptions any more.. banks dont' do that.

your person who is on the loan has now got her credit trashed because of this.. they don't own the home its a nightmare situation.. of the first order.

you would have to find the sleaze ball who bought the deal and get them to deed it to you..

Again Sub TOO BAD BAD for seller if the seller cares at all about their credit and or  any equity they may have if they did a wrap.

I know its popular on this site to promulgate this method of buying problem is too many financial sociopaths or wanna bee investors to down right crooks for a seller to take this RISK which you are now learning first hand