Subject to existing financing - help!

[David Morgan]

I have the opportunity to buy a house subject to existing financing, with plenty of equity and a great rate. What exactly do I say in my letter to the lender when I notify them?

[Mike Flora]

Is the loan you taking sun too a VA loan??? If so you can assume this loan and just take over without any risk of the loan being called due. As long as you qualify with the lender. I️ know an investor who had a loan called on him by the lender and he suggested to leave the sellers insurance in place and don’t cancel it. Then you buy your own insurance on the side. Keep paying the sellers insurance and keep that in place so there is no cancellation and then the insurance you purchased covers you.