Taking probate property subject to....Possible????

[William Whigham]

Hey BP family, I have a question, here’s the scenario... I have a seller who is the executor over her sons estate. The property has a mortgage and they are behind two months on payments. The Bank has not issued any foreclosure paperwork yet. Can I or how do I assume the mortgage. I have done regular subject to deals but in my mind I think the bank would make her qualify for the loan in order to have the title in her name. Or can I assume the loan while it’s still in her sons name like a regular subject-to deal?

[Justin Hammond]

@William Whigham , this is definitely doable. Can you share some numbers so we can help you determine if sub2 is the right strategy? What's the price, what's it worth, how much work does it need, how much out of pocket, how much are the payments, what would it rent for, what's the interest rate, what is the loan maturity date.. these are questions I'd start with