Sean Flanagan and Pre-Wholesaling?

3 Replies

I cam across this the other day. Im a mortgage guy, so I found a couple flaws. Then I looked up land trusts. Seems like that may get around lender calling note due. My concern is, even if it changes ownership, the loan doesnt. So, the person gives up the property, you take over mortgage, but person who gave up mortgage still has the loan. Basically traps them in the loan still. They cant go buy another house possibly, or even a vehicle. 

Seems like all the risk is for the owner, outside of not paying mtg. 

But I dont know enough for solid opinion.