Would sub2 to no more in Texas

I was doing some reading,and it stated that in Texas would not be able to do sub2 as of Jan 2008.Did any hear this?Can someone clarify this.

:banana pleeeez let’s not go there . you just have to do it in a different way. i’m sure a seasoned texas investor will explain this for both of us.i don’t want to attempt it & confuse anyone. there are always loopholes. harriet(fl) :biggrin

Well I really would love for a season investor in Texas to give their feedback to Harriet’s comment.

This was discussed before, just do a search.

Basically, you cannot do sub2 unless you get a title commitment or title insurance. Find a title company that closes sub2, or wraps and you’ll be fine.

Ok let me correct myself here… you can do sub2 even without a title insurance, but you are required by law to notify all lien holders, and if not mistaken get a written permission (can’t remember exactly). But if you get a title insurance, then you’re fine.

Many lenders and title companies won’t do it, especially in this rough lending market. We have some that will and it’s no big deal. A lawyer we’re working with often draws up the paperwork and sends it to a title company that he closes with all the time.

It’s been a few ones since we did a sub2, so things can always change.