Subject to Attorney
it seem impossible to find an attorney here in raleigh nc that will work on these type of deals
@Juliet Banks I am sure the same would apply if you were looking for attorneys in other markets.....perhaps that should be a red flag. I mean put yourself in the shoes of the sellers. Would you be willing to keep the mortgage in your name and allow someone to take over the payments? I surely wouldn't. I thikn this is just another ploy that these gurus sell because on its face its a way to purchase real estate with no money down. Seems great but is it realistic? I am on these forums fairly frequently and don't hear many success stories. Merely people who sell the concept for a fee. I could be wrong but that's what I'm seeing on these forums.
i'm definitely not interested in looking for an attorney in other markets, it's hard enough to find one in my market. i dont consider not being able to find an attorney a red flag, is just that they're not insured to do these kind of transactions i found out. i'm sure that other investors are doing subject to deals in north carolina and they're probably using an attorney, or this can also be done by you without an attorney, just need an attorney to prepare the deed. as far as the seller is concern, they have three choices when facing foreclosure, they can catch up their payments on their own, get help from an investor to make up the back payments and take over the loan and make the monthly payments until they're able to cash out and pay off the loan, and third,just go through the foreclosure and completely ruin their credit and i mean very bad credit. this is not a ploy it is happening all over the united states, it's just a little harder to do here in north carolina because it's an attorney state.
Harry Marsh https://www.harrymarshlaw.com/
24 Hour Title. https://www.24hourclose.com/
Merrit Law, Smanra Chak, https://www.merrittlawnc.com/
Quote from @Juliet Banks:
i'm definitely not interested in looking for an attorney in other markets, it's hard enough to find one in my market. i dont consider not being able to find an attorney a red flag, is just that they're not insured to do these kind of transactions i found out. i'm sure that other investors are doing subject to deals in north carolina and they're probably using an attorney, or this can also be done by you without an attorney, just need an attorney to prepare the deed. as far as the seller is concern, they have three choices when facing foreclosure, they can catch up their payments on their own, get help from an investor to make up the back payments and take over the loan and make the monthly payments until they're able to cash out and pay off the loan, and third,just go through the foreclosure and completely ruin their credit and i mean very bad credit. this is not a ploy it is happening all over the united states, it's just a little harder to do here in north carolina because it's an attorney state.
It's a sign that maybe people should stop doing Subject To deals!
Quote from @Sebastian Bennett:
@Juliet Banks I am sure the same would apply if you were looking for attorneys in other markets.....perhaps that should be a red flag. I mean put yourself in the shoes of the sellers. Would you be willing to keep the mortgage in your name and allow someone to take over the payments? I surely wouldn't. I thikn this is just another ploy that these gurus sell because on its face its a way to purchase real estate with no money down. Seems great but is it realistic? I am on these forums fairly frequently and don't hear many success stories. Merely people who sell the concept for a fee. I could be wrong but that's what I'm seeing on these forums.
A large fee. Hearing that the fee is $20,000.00 now for one guru.
what is the sign that people shouldn't do subject to deals?
Quote from @Juliet Banks:
what is the sign that people shouldn't do subject to deals?
When attorneys won't do them. Ethical attorneys.
there's nothing unethical about helping people save their credit when facing foreclosure, keeping in mind that their credit will be totally destroyed by this, so at least they can save their credit by investors helping them. somewhere in the near future they can buy a house again, because the payments made toward the mortgage will raise their credit score.
@Juliet Banks The flip side of that argument is why ruin your own credit when you can allow some random moron to do it for you.
