Updated almost 3 years ago on . Most recent reply
Subject 2 the existing mortgage questions
For the sub2 experts out there.. do you normally have the mortgage holder add you to their insurance policy OR do you purchase a separate policy? Also, assuming the seller doesn't have a payment book, how do you gain access to their account so that you can make the monthly mortgage payments?
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Don't confuse Sub2 with an assumption, they are not the same. My understanding is that banks were in the loop when assumptions were common but not so much when a sub2 happens. I was hoping for some input from those with a lot of experience in sub2 deals as to how they make sure insurance is in place plus the best way to be sure payments are made without throwing up red flags to the bank. Yes the bank has the option to exercise the due on sale clause but as long as payments are made in full and on time it very rarely ever happens. Seems different folks have different ideas as to the best way to make these two items happen.