OfflinePEOPLE! I have been hearing things and reading many articles on how the subject-to concept will soon be deemed illegal. Taking over payments subject- to existing mortgages is now considered mortgage fraud, which is a felony in most states. I'm currently scanning a few more articles to keep up on the subject. Seeing that this was an avenue I was hoping to take to further my real estate investing business, I was hoping you all could share your insight on the subject. What have you all heard, and if you haven't heard anything of the matter, I strongly urge you to take a look.
Dean- what do you think? Am I getting the story straight here? And if so, does the same pertain to Lease-to-own options?
Thanks for any and all feedback!
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T,
You might be referring to the house bill 1728 on seller financing. I currently have a home for sale in Oregon, and as far as I know it's ok in that state. I don't think the new house bill 1728 prohibits it. It just lays down some good parameters and guidelines---this is a good thing. I went through all the steps with my realtor and she is licensed in that state.
Also, when leasing optioning you are not assuming the mortgage. You're renting the property with an option to purchase it at a future date---at that point should you choose to excercise your option you, of course, will have to purchase the property. Although you technically control the property the seller still owns it so no ownership has been transferred. I just complpeted a lease option in Indianapolis and I had no problems.
I hope this helps.
southstar
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