OfflineWhen you do a lease option," you being the buyer "
How can you be sure that the seller is making payments to the mortgage company until you purchase the home ? Im thinking they will have other bills to catch up on as well, and not the best when it comes to financial decisions.
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Everything is legal and above board. If they don't make the payment to the mortgage co. Guess what? They won't be owning the property very long. That's not what people are looking to do. They are trying to make it a win, win for all parties involved. There are enough ways to make $$$ in this business, that is not an option.
Barbara
Barbara
Yes, I realize this... but you cant assume they will choose to make a house payment over another payment that is due, especially if they think they have a few months to get away with it and can put money in their pocket along the way. If I have the property locked up, and have my tenants in the property, making payments thinking that in a years time the home will be theirs, only to find that the house is being forclosed because payments were never made is a reality in my opinion. I was just wondering if any one has found a way to eliminate this potential issue. Like maybe sending the payments to the mortgage company myself ??
I seem to recall the way Greg Murphy does it is that he gets the mortgage information sent to him and he makes the payments for the owner. He does a change of address on the mortgage (with the owners permission) and then he takes care of it.
I would think that most desperate owners just want the bill to go away and would be willing to submit the change of address information
might check this thread
http://www.deangraziosi.com/real-estate-forums/title-searching-and-other...
hth
Geo.
What distinguishes those who are successful from those who are not is what they know and how they apply that knowledge
L.E. Modesitt, Jr.
1. You physically take over the payment books and make the payments yourself.
2. You create an escrow account. The seller sends a check to the escrow company and then escrow pays the mortgage. As soon as the seller misses a payment escrow will call you notify you immediately. Escrow costs about $10 a month for this service.
2. You create an escrow account. The seller sends a check to the escrow company and then escrow pays the mortgage. As soon as the seller misses a payment escrow will call you notify you immediately. Escrow costs about $10 a month for this service.
Thank You Kimmy - That is the type of POWER ANSWER Im looking for.
Thank You So Much