OfflineHas anyone heard of this strategy or has anyone done one of these assignments, I'm not talking about assignment of mortgage I'm talking about where the seller deeds the property to a buyer based on the existing mortgage with the buyer making the payments on the sellers loan with the loan staying in the sellers name
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But I do believe that is an Assignment Of Mortgage.
Steve
"Do something you LOVE and you will never work another day in your life."
"Nothing can ever stop you without your permission."
"So long as you haven't quit, then you haven't lost."
I did that on one of my earlier deals. I pay all the mortgage and its not on my credit.
Tammy thank god your here. You always set me straight, well lately anyway.
I was just on another post where nobody seemed to understand how the "Mortgage Assignment" deal works and how you get around the "Due On Sale" clause. Also nobody has been able to explain to me the difference between that and just a "Subject To' deal.
Maybe you can shed some light on all this.
In both cases the buyer brings the loan current by making the back payments. Then the buyer continues making the payments to the lender. In exchange for doing so the seller deeds the house over to the buyer. The lender doesn't know anything until they either see the checks got a different name on it, or they check public records. So where is it that they differ?
I did just look at one contract for "AOM" and it specifically called for a signature from the lender and required lender's authorization of the assignment. This is the first time I have seen anything of that though.
So how do you get around that dreaded clause?
Please save me.
Steve
"Do something you LOVE and you will never work another day in your life."
"Nothing can ever stop you without your permission."
"So long as you haven't quit, then you haven't lost."