Updated almost 9 years ago on . Most recent reply
how does subject to actually work
hello all any help needed. how does buying a home subject to actually work. I understand that if they have so much left over on the property then the buyer will pay this for so long, but does that mean they pay off the loan in full after months or years? basically what i'm asking is how does the end game; simply put can someone show me a break down of how it would work.
i think it's somewhere along the lines buyer has 15k left on mortgage. payments are 3 months past due. rent/note is 1k. buyer pays closing cost +3k bringing mortgage current leaving 12k left over and buyer then sends 1k for a year until mortgage is resolved.
When is this appropriate to use.