Subject 2 Beginner
I am a local investor in Fort Wayne, Indiana and surrounding counties. I have found a property I would love to attempt to go down the subject 2 path and try it out. I talked to my agent and she pointed me to a lender that could get me more information on buying a property sub 2. I called him up and he asked me what I think subject 2 is. “Basically it’s assuming the mortgage that is already on the property” he politely let me know that if the deed were to be signed over then I could start making payments but the selling party will always have to be involved until it is payed off and it can be foreclosed on. I asked why it would be foreclosed, and what I took away from what he said was that you can’t pay someone else’s mortgage. So he makes it sound like it’s illegal/not possible to obtain a property via sub 2. Anyone in my area who has done sub 2 or knows anything about sub 2 would be a huge help. Im not sure if I have some information wrong or what but if sub 2 is an option then I would love to go that way. Please let me know if you know anything or need any more info to help. Thanks!