I understand sub2’s and how they work but the same question keeps coming up for me about how to deal with the lender. I’ve done searches here and can’t seem to find what I’m looking for.
So you have a seller; they agree to the sub2; then they call up the bank or do you usually call up the bank (and have a authorization to Release signed and sent to them) and ask them to send the loan information to a different address. From then on the bank sends you the info and you pay the loan with checks with your name on it and the bank doesn’t ask questions.
so as long as the payments continue the bank doesn’t care who’s name is on the check or where they send the info to?
If you miss a payment (not that you morally would) and the bank begins to question the loan what exactly happens. They just issue a DOS and thats it? Or do they come after you for mortgage fraud or what?
Thanks