Do you use the Sub 2 strategy as holds for rentals or do you only owner finance out. Reason for or against Sub 2 then rent?
When someone calls you one week before foreclosure, what are ways to stop foreclosure when you don’t know reinstatement amount yet? I have some people call me but since reinstatement takes several days to prepare, I don’t know how to stop it to give me time to see if I can buy it.
On my first sub 2, I simply used the POA to change all the contact info (email, address, login password) with the mortgage company. It seemed a little unofficial, kind of like the previous seller could call and change it back. Is this what you do, or is there something more official?
If you have 2 weeks to 1 month rehab, do you change insurance for that short of time? I hate to change insurance again when I OF.
I am buying a home this week that is behind (Sub 2). Seller called bank and bank said they are moving into Foreclosure and wont be taking payments for 10 days. Should this be concern? Should I expect more fees now? Deal Killer?
Also, to Geraldos (sp?) question. What about the 7 day waiting period for UL disclosure?