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Updated almost 8 years ago on . Most recent reply
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Purchasing property "subject to" when mortgage is behind
I am new to Bigger Pockets and figured you guys could help me out. I have a potential deal where I can purchase a home "subject to". The problem is she got behind 3 months in 2016 (approximately $8,000) and has never caught up. She continues to pay every month on time until February 2017 she was late but did pay.
Would you suggest completely catching up on all her payments as part of buying this house "subject to"? Or if we pay on time month to month will that be good enough for the mortgage company?
We intend to fix this house up a bit and flip it, I just didn't know what kind of actions mortgage companies might take if you are behind on payments but continue to make them every month.
Any and all advice is much appreciated! Thanks in advance!