All Forum Posts by: Patricia Mclean

I have a house under contract with a seller who is 6mo behind in her payments and the house is vacant. I put the house under contract sub 2 with the intent to lease option it to a tenant buyer. My question is can she do a modification on the home to stop in from going into foreclosure and does that have to be done first before closing and putting a tenant buyer in the house? Buyer has already signed an lease purchase agreement for 5years.

Thanks for your help

What is a master lease anyway?

How would I be able to do that considering what she now owes? Also, if she where to get mortgage assistance would that help at all and I still be able to do a lease option?

The seller is not looking to get anything out of this deal at all. She just wants to be rid of the property. She has health issues and says she want to get this done. I expected to use a third party to make sure the mortgage was paid. Not thru the seller.

I was told that I should not do a sub 2 because of the problems she is having and the DOS clause. I would prefer to take it sub to but, I dont want that to happen. At least if I do a L/O I may not have that as a problem. Do you for see any problems taking it sub 2?

Thanks Brian, I spoke with the owners lender and they said as of today she is not in foreclosure but she will be sometime in the next month or so. They say she has the option of making 4 payments or mortgage assistance. If she does mortgage assistance and sends the info in whatever action if any will be stopped. I was thinking if I can't do s sub 2 I can do what Bill suggested and Lease option it to a tennant buyer, collect 5k as a deposit and pay what it owed. Can this work?

I spoke with the owner and she said the only notice she has gotten was the one that is on her statement that says she is in default. She says she has not gotten a demand notice yet. 

Which one has the most  benefit Lease Option or Subject to?

Thanks Josh, which option is best seeing that my funds are limited in terms of closing cost? Also, I want to take title to the property by doing a subject to so that I can own it  and start a portfolio. I will meet with the owner today to put the house under contract so, I have two agreements 1 is the purchase and sale and the other is the lease option agreement. Can you think of any important information that I need to make sure is in the agreement for my protection as well as the sellers?

Hi Guys, I have a owner that wants me to take over her payments. She is 6 months behind ($3,785.98 approximately)with a notice if default included in her last statement. She intends on letting the property go into foreclosure whether I take over payments or not. According to her statement she now owes $86,609.68. Her payments are $612.00 piti and the house is located in Georgia. She has taken excellent care of the house and it is move in ready. Just needs to be broom swept then its good to go. Chase has the note and they are estimating that the market value is between 68k-78k. The owner is fine with leaving the loan in her name and me putting a owner occupant in the house. I just need to see if there is anything here I can do. All help is greatly appreciated.