I’m trying to set up my Sub2 investing business in Houston but I cannot find a loan Servicing Company-which by the reading I’m doing suggests this is the way to go.
Also the last Title company I spoke to even told me Wraparound Mortgages are illegal which is why there company does not do them. Any help is greatly appreciated!
Howdy DMW:
A servicing company is not needed right away to get started doing deals. You can cash the rent checks and make deposits and pay the mortgage payments using your own checking account.
IF wraps were illegal then Wally Tingley, an attorney here in Austin know for the Wally Wrap, would be doing 30,000 years in the Federal Pen. Call another title company or a lawyer or two or 50.
tedjr
Thanks for the information, I have a few appointments with some attorneys over the next
few days. Things are beginning to go in a more positive direction!
I always thought I would maybe send in a money order in the sellers name to the mortgage company so it would not sound any bells that I have the property, but you are
saying just using my checking account would be fine!
Howdy DMW:
I have done it several ways. Checks in my name have worked. Once I got the owners to write a letter hiring me as their property manager and I paid with a Stokely Realty check. The money order in the sellers name works great too. When they do not get paid is when the investigation starts.