Subject To and Mortgage Wrapper

[Natalia Ladzinska]

Hi - it is my first time purchasing a property on a Subject To basis. The exit strategy is a Mortgage Wrapper. Can anyone share their expertise when it comes to the home insurance, creation of a land trust, or other general advice? Thank you!

[T. Alan Ceshker]

Quote from @Natalia Ladzinska:

Hi - it is my first time purchasing a property on a Subject To basis. The exit strategy is a Mortgage Wrapper. Can anyone share their expertise when it comes to the home insurance, creation of a land trust, or other general advice? Thank you!

To answer your questions:

Insurance - needs to be done correctly -- therefore you need someone who know how to get insurance in place for a wrap - reach out if you want a referral

Trust - these are useful for guarding against a due on sale issue -- same here -- needs to be done correctly by an attorney

General advise - use a loan servicing company -- check the escrow account at time of acquisition -- consider partnering with someone who knows what they are doing until you learn all