Subject To - Dodd Frank - Simple Scenario
Hey guys, I'm really hoping for some simple advice on a simple scenario when discussing subject to deals with respect to Dodd Frank. I downloaded the law, it's huge, and will eventually pierce through it but very congested so I figured I'd ask the question in this forum.
Scenario: I locate a house, let's say $150,000 ARV it has $35,000 in equity, needs no work, seller decides to get rid of it for $115,000. I decide to take over his mortgage subject to his original financing. I simply take over the deed/note, start making payments on behalf of the seller and have conditions/exit strategies in place just in case the due on sales clause (DOS) clause is exercised to prevent the original seller from facing a financial crisis if it defaults. (Either sell it, assign back to owner, etc)
Should I be concerned with any language in Dodd Frank? Or is this more of an issue with Lease Options where credits are being applied to the purchase price of the mortgage on the option to buy.
I was going through a ton of Dodd Frank forums and it was just all over the place so I figured to get very specific on a simple scenario to get feedback.
Thanks,
Kyle