Subject To HELP !

[Anthony Perez]

Hey BP so im in the works of a subject to deal and need some input. The debt im taking over is a 8% 220,000 and combined with insurance and taxes the mortgage payment every month is $3,300 the home owner has missed four payments which im willing to cover but i would like to know how long ill have to continue making mortgage payments until i would be able to refinance? or perhaps there is another way to get a better financing deal ? while the tenants rent does cover the mortgage payment and leaves a bit extra the property basically breaks even every month. an tips thanks ?

[Sean Ploskina]

Normally you need to hold for about 12 months to be able to refinance.  But it depends on the lender.  One told me 12 months another said I had to show one calender year's worth of rents.  The norm seems to be the 12 months though.  You should be able to get that down to under 5%which should cover the place.