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Subject to existing mortgage sales?

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chdvaone Joined: 21 Oct 2009 Posts: 1 1.24 Dollars($)	Posted: Wed Oct 21, 2009 12:13 pm    Post subject: Subject to existing mortgage sales? Like 0 Dislike 0 Are subject to existing mortgage sales legal in Texas? What are risks involved and how do you avoid them?
savior70 Joined: 25 Mar 2009 Posts: 1895 Location: Florida 261.84 Dollars($)	Posted: Thu Oct 22, 2009 5:07 am    Post subject: Like 0 Dislike 0 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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