I have a coworkers family member who lost her husband and she is not able to make her mortgage payments. The house is in need of an update. She found out that at the start of Covid the deceased husband took the forbearance that was offered on the mortgage so it is 10mo in arrears. I am interested in a potential subject to but how do I go about finding a title company that will handle this closing and paperwork? The few companies I messaged said they do not.
The numbers
Owes 130k
Needs 30-40k in updates
ARV 250K
How would you structure this deal? Would love to hear everyone's opinions on what they would do.
Ryan, I live in Stafford and invest in Stafford and Fredericksburg. I really like Nageotte, Nageotte, and Nageotte, PC in North Stafford for my settlements. I haven't specifically done a Subject To with them but they've always been super helpful. Please reach out if you need any more help.
@Scott Wolf In Virginia. What role would the attorney be able to play? Would he draft the paperwork needed and the transfer of title to where I would just need a title company to handle the title check and closing? Thank you for your reply
@Scott Wolf In Virginia. What role would the attorney be able to play? Would he draft the paperwork needed and the transfer of title to where I would just need a title company to handle the title check and closing? Thank you for your reply
Virginia is an attorney-state, so they're usually involved in RE transactions. They would draft all the paperwork for you and deal with the title company. Where in VA is the property, I may be able to recommend an attorney.
Ryan, I live in Stafford and invest in Stafford and Fredericksburg. I really like Nageotte, Nageotte, and Nageotte, PC in North Stafford for my settlements. I haven't specifically done a Subject To with them but they've always been super helpful. Please reach out if you need any more help.
It is not correct that you have to use an attorney for real estate closings in Virginia, but in a case like this I would recommend it. I'm in Hampton Roads and have several attorney recommendations down here, but don't have a go to firm for creative financing in Stafford. I would suggest asking on the local REIA forum.