I did a SubjectTo with some “friends” who’d just filed bankruptcy, with plans of getting the loan in my name within the year. It’s a year later and though I have the income, and score …a few late payments on a timeshare (which registers as a mortgage) is not fairing well.
The house has been in the market a while, with no success.
They now have explored short sale and died in lieu, however, the first option would be for me to get the loan in my name as was originally planned.
It’s a nice home in nice area…originally appraised at 390k ….mortage is 340 ….now willing to do short sale of 300-320k
If you can’t take the property for yourself then assign it over to an investor for an assignment fee or to an end user offering seller financing. If you have the property deeded to you then why not sell it on a lease option or land contract?
If you did a Subject To, then you have the deed. What options are the former owners exploring, and how will they be able to perform if they aren’t the owners? Are you planning to deed the property back to the former owners?