Subject to & Wrap Mortgage Buyers

[Samira Beheshtian]

Hello All, 

My team and I have acquired a subject to and are in the process of a wrap in Florida, but we have a questions and are worried if the Buyer stops making payments to us. What happens if they miss payments, can we remove them from the house, and reacquire the property? 

If so how? Can we contact the county and hire a Marshall to remove them? What is the turn around time, how long do we wait to contact the marshall to get them removed, and how long would they take to get them removed from property due to missed payments?

Any Information would help a lot! You can message me privately as well! 

Best, 

Samira

[Jay Hinrichs]

Quote from @Account Closed:

Quote from @Samira Beheshtian:

Hello All, 

My team and I have acquired a subject to and are in the process of a wrap in Florida, but we have a questions and are worried if the Buyer stops making payments to us. What happens if they miss payments, can we remove them from the house, and reacquire the property? 

If so how? Can we contact the county and hire a Marshall to remove them? What is the turn around time, how long do we wait to contact the marshall to get them removed, and how long would they take to get them removed from property due to missed payments?

Any Information would help a lot! You can message me privately as well! 

Best, 

Samira

No, it is not that simple. There is a lot more to it that that. Get some training and avoid the problems. You can be trained and You can see some of what you need at https://www.biggerpockets.com/forums/311/topics/1159255-find... 
just click on the link below

one CANNOT do a Deed in Lu UNTIL you have a legit default.. its illegal.  and unenforceable.

I am not sure in FLA if they have wrap mortgages like CA.. CA has whats all an AITD  "All inclusive Deed of TRUST" this is a brilliant debt instrument.. that allows you as the seller (beneficiary) on the wrap to foreclose without any legal snags.

U have to continue to pay the person you bought property from though and that is the EXTREME risk to selling on Wraps if you have little to no reserves.. your buyer defaults and now your chunking out money monthly why you are foreclosing which takes a year in most places and cost 3 to 10k in most places. Unless you can talk them into doing  a DIL.  this strategy is only viable for those with a lot of horse power.. ( CASH RESERVES).  I have seen this end very badly for under capitalized investors.  Land Trust is useless with sub to.. easily pierced.