All Forum Posts by: Paul North

Thanks Anthony!

Hi Chris, thanks for the recommendation. I'll definitely reach out to Michael. You're right, there aren't enough hours in the day. :)

Collin, great point. Yes, there are a back log of payments. The kind of Sub2 deal that I'm looking for advice on would involve assigning the deal to a buyer that would want to be in this particular house and that doesn't have the greatest credit. So in essence, he/she would be making the payments and get the back log of payments taken care of. Two benefits to the buyer would be having a home of his own and the ability to rebuild his credit. I've read an article about this specific Sub2 scenario a while back, but I don't know the steps I would need to take. More importantly, I'd like to see if anyone on BP has done this kind of deal.

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.