i found a buyer who will buy my property Sub2, since i cannot afford the house no more and i have no equity.
how do i get this start? should i hire a lawyer?(i do not have much money) and does the buyer pay me the money and i make the payments.
i heard about Loan Servicing Company from John “Cash” Locke. where do i find a LSC ??
Howdy Dennydo:
As the seller you want to make sure the payments are made within 30 days of the due date at the very least. On time of course is better. And as the seller I would want the payments made to me so I would know they were made on time. As a buyer I want to make the payments directly so the seller will not keep the money and not make the payments. I had this happen to me once. The seller sent me copies of checks that he sent to the mortgage company every month. They turned out to be just copies of checks and were never mailed. At $500 per month it cost about $2000 to cure the default. Sure he was liable but no way to collect. It hurt his credit So what he already had bad credit.
The loan servicing idea is great as the buyer and seller can both get what they want. I do not know companies that do this at this time. I am sure some other members do and hope they will post some.
Your buyer will want to have a title search done to make sure you have no other liens or judgments against the property. The title company will be able to help get the papers for the closing if you buy a title policy. If you do not then an attorney will be able to do the closing and paper work. They may have a source for the title search as well. You could do it yourself but if you are new at this I would not risk it. You may be able to get the buyer to pay all closing cost and let them choose the title company or attorney.
LOL
Yes, Loan servicing companies are the way to go. They will handle payments to lenders, taxes, ins, Hoa’s, they can provide tax statements and can provide payment history for the new buyers, and you can check at anytime to make sure the payments are being made. Try www.usloanservicing.com see if they have an office by you. Hopefully your buyer has some experience and knows what to do. He should have the docs. needed and if it would make you comfortable you could have a lawyer look at them. J
dennydo,
Glad to meet you.
realgo7 is right on, US Loan will collect payments from your buyer, pay the mortgage company and handle all tax matters. They are located in Las Vegas which is not a problem because buyers make payments to various states not only the ones they live in.
US Loan is online so you can check on your computer at anytime the status of of how the payments are being made by your buyer. Doing it this way protects all parties involved as there is a record of what is going on with your loan or who paid when and where the money went.
John $Cash$ Locke