Describe a subject to mortgage, and is there a way to do it and avoid loan being called?
ron j asked:
or at least significantly reduce the chances of the loan being called?
or at least significantly reduce the chances of the loan being called?
I am told that the moment you record this new subject to mortgage that banks subscribe to a service that lets them know that title has been affected and will likely call the loan. Is it true that the moment they are aware that they call the loan? Is this what they also call a wrap around mortgage?
Shawn
July 13th, 2009 at 4:45 am
Joseph
A subject to mortgage is where the home is sold to a new buyer and the new buyer starts paying the mortgage.
Almost all loans now have a due on sale clause where the loan can be called if the home is sold. The change of ownership is a public record so the lender CAN find out if they want to. There is NO WAY to keep the lender from knowing of a change in ownership of real estate.
July 15th, 2009 at 7:44 am
Brandon
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