 savior70
Joined: 25 Mar 2009
Posts: 1416
Location: Florida
167.66 Dollars($)
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 Posted: Thu Oct 22, 2009 5:07 am Post subject: |
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Hi,
In a subject to mortgage sales, you do not personally assume the responsibility of the loan. You receive the title to the property, subject to an existing mortgage. You need to make payments towards the mortgage in order to save the house from foreclosure. However, if you default, the original borrower of the loan will be held responsible as you are personally not liable for the loan. The risk from the seller's point of view is, he will still be responsible for the mortgage loan. The risk for the purchaser is, he will lose his equity in the property if he defaults on the loan and property is foreclosed. |
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