All Forum Posts by: Frank Watts

@Aaron Kerwin - I know AugustREI will do the servicing and I actually spoke with them about this. She said that they will provide all the documentation for this. I haven't used them yet but I know a lot of people who have used them for Subto's and Owner Financing deals. Yes, the subto contract is also provided to the mortgage lender to show it's being paid by someone else. Thanks for the response.

The issue is not necessarily with the Note Servicing company making payments on the underlining loan. The issue is finding a lender/mortgage broker that knows how to package it in such a way that it gets through underwriting. I have had investors tell me for years it was no big deal etc. I asked them what lender they used to help their original sellers get a new loan and all of a sudden they look like a deer in the headlights. A year or so back I even ask if there were any lenders that knew how to package such a loan so that the old seller could get a new loan and nobody came forward.

Love Pace! His students have always been eager to help me with anything I post in the creative financing group.

https://www.instagram.com/p/Ca...

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https://www.instagram.com/p/Ca...

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Hi, I heard Pace Morby on BP Podcast talk about wiping a person's DTI 100% after 1 year simply by using a servicing company. This scenario would be if I took over a mortgage via subject to and the seller would not have to wait years to go get another one. I reached out to my REI lender about this. She has not heard of this being used to wipe out the DTI so the seller can then get a 2nd mortgage. Does anyone have any Feedback on this.

Pace mentions this in the Podcast around the 33 minute

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@Jon Mann - As Todd mentioned above. I would express to him your feelings and see where things go. Is he paying for all the marketing and the software such as the lists, texting, and Software platform? If so, I think that is were he is getting this mindset of Ownership and leaving you out. If he is stuck in this is his ship and no one else's. You can definitely do this on your own with a low barrier to entry. What market are you in by the way?

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All Forum Posts by: Frank Watts

Frank Watts has started 1 posts and replied 5 times.

Post: Servicing Companies wiping out 100% DTI in 1 year -Pace Morby Pod

Post: Servicing Companies wiping out 100% DTI in 1 year -Pace Morby Pod

Post: Servicing Companies wiping out 100% DTI in 1 year -Pace Morby Pod

Post: Servicing Companies wiping out 100% DTI in 1 year -Pace Morby Pod

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