What is the current stance in Florida on taking over a mortgage subject 2 in florida that is behind?
Can you legally make up payments and take over mortgage?
Do not now exactly what you have in mind.
Do not know FL law, but nothing I know of says you cannot take submect to.
You muste be able to perform if you do take subject to.
Lender has the due on sale clause and may call the loan.
If you take over the lender may or may not accept your payments as they have no contract with you.
In today’s market most lenders are glad to get the $$$ and may well do nothing…but…they have the righrt to do so if they chose.
Taking a property subject to comes down to negotiation and trust. If the seller likes you and they are in a situation that is preventing them from selling the traditional route (house needs work, behind on payments, job transfer etc.) you should certainly make an offer subject to the existing mortgage, if the numbers make sense to you.
I would do this verbally while meeting with the sellers. Give a cash offer (60 to 70%) of retail value along with a subject to offer at around 90% of retail. If you can show them they get a lot more by leaving the financing in place you stand a much better chance of getting them to accept.
Again, it all comes down to you personally though. Don’t rush in, get to know them a little so they can get to know you. People do business with people they like!