Frequently Asked Questions
A subject-to real estate sale is when the homeowner sells their house without the buyer taking out a new loan. The deed is transferred to the “NEW” owner, but the existing loan remains in the seller name for a set amount of time. Therefore coining the term buying “Subject-to” the existing mortgage already in place.
Your home is sold FAST!! No more waiting around for a Agent to bring a qualified buyer(usually 90 days or more) No commissions or closing cost to pay (saving 6-7% realtor fees instantly). By the loan remaining in your name your mortgage is paid on time every month! Thus improving your credit score over time. No more repairs, taxes and insurance to pay on a property you don’t want anymore. Also opening up a pool of tenant-buyers who otherwise can’t qualify for a mortgage at this time. We can an offer to you within 48hours after you fill out the seller questionnaire.
We use a 3rd party servicing company to handle ALL payments that’s paid directly to your mortgage company. We give you full access to the account so you can check anytime to make sure we’re paying on time.
When you sell the house to us. We handle all aspects of the mortgage (Taxes, Insurance, Repairs). We immediately market the home to a tenant-buyer who pays us monthly and we pay your mortgage directly.
That’s our job also! A tenant-buyer is totally different from a typical tenant. They’re poised to purchase the home within a 24-36 month period and put a option fee down running a risk to lose that fee if something happens to your home, thus increasing there willingness to take care of the home as their own. Generally the tenant-buyer pays on-time as a provision of our purchase agreement.
Subject-to transactions can range from 48-72 months depending on the situation. We need enough time to find the right tenant-buyer to put in place, qualify them for a mortgage and get your mortgage paid off as quickly as possible. It generally doesn’t last that long as the tenant-buyer could exercise their option sooner rather than late.
We can negotiate with your mortgage company and catch you up on your account, stop foreclosure and start improving your credit score A.S.A.P. The sooner you contact our office the better.
We help homeowners satisfy their needs to provide a win-win-win for everyone. And we make sure to negotiate funds and a fair price for you and your family to receive funds at the close of escrow.
All documents all signed and notarized for your particular state/county. There is absolutely nothing illegal about selling your home. The only risk to our company is your loan has a due-on sale clause. Which 99.9 % of mortgage companies never exercise because the loan is being paid on time by us! We just asked to be added to your insurance policy 3 days before we close escrow. Any insurance premium going forward is paid by us!
Just go to our website www.nomortgageburden.com and fill out our questionnaire to see if you qualify or give us a call at (818)9341891