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Updated over 7 years ago,

User Stats

91
Posts
9
Votes
Tiese C.
  • Homeowner
  • Virginia Beach, VA
9
Votes |
91
Posts

How to Get Out of My Subject to On My Own Home...

Tiese C.
  • Homeowner
  • Virginia Beach, VA
Posted

As a first time home buyer, I purchased my home in 2009.  I wanted to move on,  but because there was no equity in my home, I did a 'subject to' on my first home in 2013.  The investor said I had to be 'tied' to the mtge for 5 years, which is up in January 2018.  I have reached  out to him, ahead of time to find out what needs to be done so that I can be removed from the mortgage.  This home was purchased for $92k with a VHDA loan, it is assumable. The investor said in 2013 that I could either have the house deeded back to me or he could buy it from me.  Speaking to him a few months ago, he  said because of the market, he's not going to buy it from me. Which is NOT what he said in 2013 that it would be based on the market.  He said it's about $82k left on the loan.  My logic, which I could be wrong-why can't he buy it from me for the balance of the loan?  Can this be wholesaled? I've been waiting to be done with this house so I can be free to purchase another property.  

Please, any advice you can give so that I can be done with this house would be greatly appreciated!!!

Thank you!

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