In the case mortgage foreclosure, I usually offer to pay for the existing mortgage and give them a little extra to move.

.: Self-proclaimed “Short Sale Queen” and associates indicted in federal mortgage fraud schemeTuesday, December 3, 2024For Immediate ReleaseU.S.

(gross rents $4900; 8% PM; mortgage+insur+taxes = $3600/mo).

There are actually THREE kinds of subject to transactions1- subject to existing mortgage without lender approval2- subject to existing mortgage WITH lender approval3- subject to existing mortgage as part of a seller financed wrap around mortgage.with #1 and #3 it’s in everyone’s interest to utilize a third party servicer, who collects and then distributes payments.  

Think multi unit residential, commercial properties, or purchasing houses “subject to” existing mortgage.  

Yes it exists, but as the above poster mentioned, lots of hoops to jump through.

We just got a deal under contract subject to the existing financing.

I walked to the house and met a man who says he was cleaning out due to the loss of their mother in some few weeks back.The guy told me she is  left with 12 years mortgage on the property to pay the bank.

Have you considered tapping into your existing rental equity for the down payment?

Speak with lenders - and consider that although they might agree they could lend to you today - they might not be able to when you need the loan.Unless the existing debt has no due-on-sale provision, there will always be a risk of the underlying loan being called.If it were to be called due:1.