Relief Properties LLC
Nashville, Tennessee 
Southwest Florida

Mortgage Payment Assignment  

 

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Subject to real estate investing is often misunderstood by those who hope to invest in the real estate arena. This article will explain a number of things that Sub’2ing (as many that are in the know call this style of investing) is not, so that you can have a clearer understanding of the precise nature of this particular investment style.  

One of the things that subject 2 is not is assuming the loan of a property seller. This is due to the fact that when a buyer of a property assumes a loan they must go through a lending institution. When they go to the bank or loan servicer to assume a property loan, they must qualify to assume the loan. The name of the buyer would literally replace the name of the seller on the deed when a loan is assumed. However, when an investor who is skilled in the art of Sub’2ing completes a transaction the seller’s name will still be on the mortgage. In the real estate market that we are a part of right now, it is no easy task to find a loan that you can assume. It is a waste of time to try to find this type of loan because they are harder to find than a heat wave in Canada.  

Another factor that some people may be concerned about when it comes to subject to investing is the legal aspect of this type of property purchasing method. Let me put all of your fears to rest because Sub’ing is not illegal in any way, shape or form. It is easy to call something illegal when you do not fully understand it, and perhaps that is what some of those who do not completely comprehend this investing method have done. If you are ever faced with this common objection from a real estate agent, prospective seller, or other type of real estate professional, simply direct them to the portion of the settlement statement that refers to an existing loan being taken over by Sub’ing. There is no way that the words “Existing loan taken subject to” could be mentioned if they were illegal in any way at all.  

Always remember to conduct all of your real estate transactions with the utmost integrity and you will be fine. This is one of the best ways to invest in real estate in spite of the current economy. In order to educate yourself on this manner of investing, please go to our great website located in Nashville area.www.ReliefPropertiesUSA.com 

John Medley has been helping many homeowners in the Middle Tennessee area for years. As an investor, he has the experience that is needed in all types of Sales as well as other creative financing techniques that will allow the homeowner to save their home from foreclosure or make a quick sale of their home. Check out http://www.ReliefPropertiesUSA.com to see what service can best benefit you.


 
Additional Questions About
Assignment of Mortgage Payment Sales

Can I stay in the property until it sells

Yes, it’s your property until you sell it. You are expected to stay in the property until a
buyer is found and the sale is completed, although you are not required to. When you
complete the sale, you move out.
Should I make the payments until the property  is sold?
We would prefer to assign mortgage payments that are current. If you are behind, a
mortgage payment assignment may still be possible however, the more behind, the more a buyer would have to bring to closing to make the loan current and the less likely it will be that a buyer can be found
for the property. Also, as the loan goes 
further into default, a foreclosure becomes possible.
Generally if you are not able to keep a loan going, WE CAN HELP by doing a short sale on your property. Often we can start a short sale and mortgage payment assignment program together (a COMBO PLAN) and if a buyer can’t be found in time for the mortgage
payment assignment program, we can fall back to the short sale to
try to avoid a
foreclosure. For more information contact us.
Are there other alternatives to doing a Mortgage Payment Assignment?
In general, if a property has little or no equity, the on
ly way to sell the property is to do a short sale or mortgage payment assignment. Otherwise you would have to bring
(potentially a lot of) money to the closing table in order to cover the closing costs, commissions, and payoff shortage. If the property has
some equity (typically more than 20%) a good alternative may be a
wrap around mortgage, which also allows the home to be sold with owner financing, and thus FASTER than through traditional methods.
Another alternative may be to offer the home on a lease /option (lease with an option to buy). Although this is not technically a solution for
the seller (the seller becomes a landlord for 3-5 years) and is not legal in all 50 states. If you don’t want to sell your property, you may consider negotiating a forbearance or loan modification agreement with your lender. These agreements generally allow a property owner to agree to a schedule to “make up” missed payments that resulted from a temporary interruption in income and/or reduce the payments going forward. If your situation is more permanent than temporary, you will likely not be approved for forbearance, in which case a short sale or mortgage payment assignment is probably your best option. Also, the majority of loan modifications are not approved by lenders and
many property owners that pursue this option ultimately end up in foreclosure.

How long does my name need to remain on the loan?
want to place a time limit on the loan you are assigning, you CAN put a balloon term on Until the buyer ultimately resells the home, refinances the loan or pays the loan off. If you
the loan, making the loan expire after 3, 4, or 5 years (or any amount of
time you desire) at which point the buyer will be required to refinance.
How does this program affect my credit?
mprove your credit.
assignment program, your payments will be brought current and this will generally It depends. If you are behind in making your payments and/or have a spotty payment history, at the time that a buyer buys the property, through the mortgage payment
For many sellers, as payments continue to be made monthly, and in a timely fashion, their
credit will continue to improve or remain unchanged. Obviously, if payments are late or
missed, your credit will decline. In most cases, although the loan(s) remains in your name
these loans are treated by the credit bureaus as cash neutral accounts (a debt with an offsetting credit). However, each
person is treated individually so check with someone you trust.
How do I know the payments are being made?
The best way to monitor the payments is to have a loan servicing company collect the
payment from the buyer and make the payment to the underlying lender(s) while sending
the buyer as well as you, the seller, a statement each month. We can arrange this
automatically as part of the closing for the mortgage payment assignment program. You can also usually check the status of the loan using your lender’s online system.
Will I make any money?
In most cases, if the property has little, no, or negative equity, there is no money to be made by the property owner.
In cases where the property has a significant amount of equity, the property owner may receive money through an alternative Assignment of Mortgage Payments strategy such as the wrap around mortgage sale or owner financing sale.
Will I have to pay anything?
One of the great benefits of this program is that most of the closing costs, assignment fees, and commissions (if any) are paid by the buyer.
Depending on the property, situation, and buyer’s resources, the property owner may or may not be asked to pay some closing costs. Typically, the seller will pay their portion of
the closing costs only. Also, the property is generally sold
and repairs are generally the responsibility of the buyer.
How long does this process take?
FAST! There is no guarantee, but normally 2-10 weeks, but it could be less than a week!
Most of this time is used showing the property to a list of buyers that have already been found that are looking for properties, yours, offered for sale with financing.
As with any sale, you can negotiate the closing date with the buyer.

Advantages 

  As the seller, your name remains on the loan. For many, this technique is usually
  a better alternative to a short sale, traditional listing (where the seller will have to
  bring money to the closing), foreclosure, etc. For many sellers, living in areas
  where hundreds or even thousands of properties are available on the market,
 the most valuable thing they have to offer a prospective buyer is the loan itself,
 and the mortgage payment assignment program allows these sellers to sell—
 and sell FAST!


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Relief-Properties LLC
Box 118 pleasant View, TN 37146 US
Phone: 615-719-3308 Website: www.ReliefpropertiesUSA.com
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