subject to ?

[Kevin Burton]

i have a lady wanting to sell her house that I is worth about $46k.

she said her principal is 56,816

and her payoff is 37,468

payments $555/mo

10.95% intrest

im confused on the principal -vs- payoff part

if I were to start paying on the loan, would it be the 56,816 @ 10.95% ?

[Account Closed]

I'm assuming the seller means she borrowed $57K and that she owes $37K. Borrowers use mortgage words incorrectly every day where I am.

A 30-year 57K loan at 11% matches the payment she says she is making.

So yes, if you take over that loan, you'd be paying the high interest and the final payoff is $37K.

Figure out the real numbers by getting an authorization to release from the borrower and talking to the bank. Figure out the equity by pinning down the value.