You probably thought that everyone had to qualify to get a mortgage. Other than what may have happened in the past few years, you are correct. The lender wants to know how you are going to repay the loan and have assurances.
If you wanted to buy a new home today and got turned down by your bank, would you want to know how you can get a mortgage without getting qualified? This is the answer to all your prayers. Get an instant loan, and best part, not have sign any loan papers for it.
Keeps getting better, so tell me more. You have my attention. Never have to go to the bank and never have to meet the loan officer. Don’t have to prove anything
Wow, this is way too good to be true. It happens everyday and you too may get one of these loans. The interest rates generally are very competitive and the length of the loan varies. Want to know more? So far so good.
Where can get find these loans so that I may get one? Would you believe that they are available in just about every city in the US?
These types of loans and transactions are called buying “subject to.” You are thinking…subject to what? You are buying subject to assuming the seller’s current mortgage. Whatttttt…You can’t do that, I’ve heard…
Yes, you have heard that there is a “due on sale” clause, but I have never heard of a lender ever calling a loan by sale if they were getting paid timely.
Here’s the deal. There are many motivated sellers today that just want to sell their property and are not able to, and are quickly heading into foreclosure. They want to sell their home, and protect their credit, but have no buyer.
You simply agree to buy the home. They will deed it over to you and also permit you to assume their mortgage. You pay it off and guess what…you will own the home. You may have to possibly make up some back payments or taxes?
In fact, in a lot of cases, the seller may even pay you to buy their home. Wow, this sounds too good to be true? It is common, but only to those that know. Most people believe that there is only one way to do things, and in real estate, that is not true as evidenced here.
This is all true. The only stipulation is…if you are attempting to do a “subject to” transaction, you must be honest and follow through with your promise. If you agree, you must pay all the bills timely, and not leave the seller hanging. You may resell the property and or your interests, but you must do the right thing always. Be of good moral character and the highest integrity.
