Subject to

We take over your payments, so that you get quick debt relief.

Using Subject to, if the seller has an existing mortgage (owes money to the Bank), then we keep that financing in place. The buyer makes payments to the seller. Those payments go into an Escrow account and are automatically distributed out to pay the existing Mortage, and the remainder goes to the seller.

Using this method it is very easy to sell your house quickly. If the seller has trouble making the payments, this action can quickly save the seller from Foreclosure. there is also usually no Realtor comission.

There are some disadvantages to this method. You do not want to be paying a higher interest rate to the Bank than what the buyer is paying to you. Buyer should pay the same rate or higher. Banks often insert "a Due upon Sale" clause into the mortgage document. This means the Bank can ask for the entire mortgage amount due all at once. The seller needs to make sure paperwork specifies that the buyer will purchase with all cash in the event that the Banks asks for all of their money.

The legal documents involved are a promissory Note and either a Land Contract or a Trust Deed.

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