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Updated almost 8 years ago, 03/08/2017

User Stats

75
Posts
65
Votes
William Leahy
  • Rental Property Investor
  • Chatham, Ma
65
Votes |
75
Posts

"subject to" financing

William Leahy
  • Rental Property Investor
  • Chatham, Ma
Posted

Hi Folks, Say I purchase a property from a relative, pay them their equity receve the deed in my name and assume the payment of their mortage Subject to. 

I understand that the original mortgage is non assumable and that the bank could trigger the due on sale. What are the other potential pitfalls. Do I lose tax benefits since the mortgage interestt documents are not in my name. Should I just bite the bullet and refi? Thank you

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