Quote:
Originally Posted by RebelYell
Hi bernie,
from what I have experienced, the subject-to strategy only works in a pre-foreclosure situation where an existing home owner is being foreclosed upon and is about to lose their home. By taking over the mortgage and being also provided with the deed, you are effectively able to 'get finance' on a US property.
I'm not sure that it applies to your situation, but I have worked deals this year that meant I can buy cashflow positive property, without requiring a large cash deposit.
Are you able to get your cash back if finance falls thru ?
rgds,
RebelYell
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So far I have only put down $1000 and that is what I stand to loose, I think the loan outstanding on this property is way above the selling price so I taking over the mortgage is probably not an option.
Steve from Key mortgages could not find a suitable lender, so I'm pretty stumped. My brokers in the US have only one lender, who put a product back on the market on Friday, that will lend to foriegn nationals, but they are not sure if I will meet the criteria as this will be my 3rd home!!
I am considering raising the funds over here, does anyone have any advise on that option please....
It is so frustrating, I have the downpayment, excellent payment history on both the other loans but just can't get the finance!!!
Thanks for all the advise and contacts.
Bernie