Subject To

[Paul North]

Hello BP Community,

I need your help! As a newbie wholesaler, I've done a few deals, but I'm running into a challenge I don't know how to overcome yet.

One of my prospects is being foreclosed on next week; however, I can't help but feel there is a solution to prevent it. I've read on using 'Subject-To' contracts to keep an existing mortgage in place and then finding a buyer who would pay a higher price to take over said mortgage. This is primarily because he/she wants to have a house but can't necessarily qualify for a mortgage through traditional means and is willing to pay the extra costs. So the buyer has the cash but not the credit.

I'm concerned with how to complete this kind of deal and if I need to be concerned with the equity in the deal.

[Anthony P.]

@Paul North check out BP Podcast 070 with Grant Kemp. He is a good resource for Sub2 purchasing and mortgage wraps. He has a lot of knowledge in this area.

Good luck!