re: taking over existing mortgage

[Jason Yarusi]

If I was to take on an existing mortgage what steps do I need to take to transfer title and mortgage into my name. I would like to put it in my name so I can apply for an HEC.

Thank you.

[Account Closed]

Originally posted by @Paul Ewing:

The others have pretty well covered the assumption and title transfer topics.  Since Subject Too was brought up I wanted to post this as a warning about what a mess it can become.  This post is from yesterday and you should read it if you even begin to think Subject Too sounds interesting.

http://www.biggerpockets.com/forums/61/topics/153992-so-i-assigned-a-sub-2-now-the-buyer-has-messed-up

I'd say we get one or two posts a month here on BP from both buyers and sellers on Sub2 and Sub2 Wraps gone bad. Sometimes there's a lease option variable in the mix. Many times it's someone posting for the first time as they are looking to find out what their options are once the deal is in trouble. Usually because someone isn't paying the mortgage.

Sub2 works just fine. Wraps are a terrible idea but can work fine under the right circumstances. However, if you put a bunch of parties together who all have distress, it's not likely to work out so great. Seller with little or no equity sells to investor with little or no cash who sells on a wrap to a buyer with a little cash but poor credit. How could anyone expect that to go well?