All Forum Posts by: Account Closed

Around here Subject to is also referred to as a land contract or a contract for deed. None of those scenarios - around here - gets you the deed until you have completed the contract. However the deed is signed at the escrow company just so you have a deed to file when the contract is complete. However the contract is recorded instead of the deed until the end of the contract.

Hey midniteir I used to live in Syracuse. Used to fish a lot of the finger lakes.

Trouble is the loan underwriter isn't at the table when the HUD is drawn up. When they get the HUD one back as part of the doc package is when the proverbial SHF happens.

I'm not familiar with the term LC with the seller. Sub2 is a common reference in this area or at least with the escrow companies I work with.

Fraud in cash back closings largely depends on the loan to value of the property. If the loan is for $100k and the property is worth $80k and you get $20k back at closing, the lender better understand why the loan is for $100k. It can be legitimate ie for fix up expenses - but is highly suspect due to recent happenings in the real estate market.

When you do a subject-to it is usually based on the existing financing. The way the due on sale clause is avoided is that the deed does not transfer to your name. Instead have your escrow company file a land-contract paperwork against the property so they can't sell it out from under you. Suggest you also have the escrow company handle the payments and any communications with the underlying lender. I've done dozens of subject to's, some are exact wraps of the underlying, some are not.

It all comes down to the deal. when you find an attractive deal you can get money, you just have to ask. I pay 12% on short term loans ALL THE TIME. The deals usually last 3 to 6 months and the money is returned. I have investors lined up and they hate to get their money back.

I've never been able to find a 0% rate on cash advances. Lot's of seminar sellers claim they are available but have never been able to produce a source. If any one knows of one I'd suggest using all you can get...

Improve your credit score? 3 steps

1) get approved to borrow as much as you can but limit borrowing to not more than 25 or 30% of the approved credit amount

2) Pay your bills on time, every time.

3) wait

Ahwatukee (suburb of Phoenix) Arizona