When buying sub2, do you send the mortgage payment to the seller or the lender directly. I assume that it goes to the bank but I don’t know for sure, seems like the bank would see checks coming from someone else and make them suspicious and investigate the loan.
thanks,
Chris
Always send the payments to the bank… Don’t be afraid that the lender knows you own the property…
Heck I ask escrow to demand a payoff, I put the insurance in my name, and I send the bank my checks… And they take them…
In a highly declining market with high foreclosures it isn’t likely that the lender is going to accelerate the DOSC. Doesn’t happen in a appreciating market either… Most of the time the buyer is a better credit risk then the borrower…
Good Luck…
Michael
More often than not, the loan payment is processed by a third party loan servicer. They don’t care where the check comes from, they just make sure the proper account is credited for the payment received.
Do yall think that sub2s will be a good way to buy properties and then sell with a L/O or owner finance in this up and coming market. That is if the current terms on the piece of property is good.
I do, but I like John Locke’s Contract for Deed exit strategy better. I understand TX has some rules the may restrict your ability to use lease option and maybe contract for deed as exit strategies.
Who should I ask for the details on the rules of using those two exit strategies.
The idea of a loan processing company really is an issue of not demanding a better condition when negotiating with the seller. Unless you just want to use one… I dont, I like having the control of my money…
I did find one company what process the collection for 6.00 a month… but I still like beingin control.
Michael Quarles