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Updated over 5 years ago on . Most recent reply

Account Closed
  • Specialist
  • San Antonio, TX
351
Votes |
865
Posts

Need Texas mortgage broker for a Sub2 seller. Loan will be in TX

Account Closed
  • Specialist
  • San Antonio, TX
Posted

A couple of years ago we bought a property sub2 from a seller. Since we have been making timely payments on the seller’s behalf it has increased his credit score to the point that he wants to buy another house and he is back on his feet without a foreclosure. ;) Whereas the two loan officers that he talked with does not know how to document the sub2 sell in such a way that it is not showing negative on his Debt to income ratio I’m looking for referrals. :) 

Thanks so much in advance 

Most Popular Reply

Account Closed
  • Specialist
  • San Antonio, TX
351
Votes |
865
Posts
Account Closed
  • Specialist
  • San Antonio, TX
Replied

@Nicholas Covington the home is NOT in the seller’s name, but the original loan that they signed when they purchased the home.

It was in the sellers best interest to sell it this way due to them being on a short time frame and they already tried listing it with a realtor with no takers. The reason I mentioned this is I’m trying to avoid a debate with further readers on the pros and cons of this kind of transaction. The fact that the sellers credit was improved is a pro.

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