i want this buy this property subject to for $115K but seller only owns 70K on the loan.
i want to assume the loan but i do not have $45K cash to pay the seller. how do i get it from the bank? do i have to qualify for it just like the regular loan?
Howdy Dennydo:
You will not find a bank to loan a second behind a sub2. It just is not done. You may even find it hard to get a private investor to loan on a sub2 deal, especially that much and nothing from you. Your best bet would be a new first loan for most or all the $125,000 since the owner will not finance the $45,000 or most of it. The seller is always the best source for sub2 financing of course.
LOL and HTH
TED guess what?
You CAN get a second mortgage behind a privately held first.
Now the problem will be is if this is a wraparound seller financed now that is another question because that would actually put the second in third possition and thus you are really getting a third mortgage and not a second and that is really really high interest rate you might as well do a refinance if that is the case.
Howdy Laura:
My bad. I learn something new every day. If anyone would know how to put a deal like this together you would. They must be rare.
LOL
Yes,
There is just a few lender that will do that and it can be done.
TED I learn something new everyday too. Life would be to boring if we did not LOL