Saturday, June 9, 2012

Mortgage Assignment - What are Mortgage Assignments?

Today Mortgage Rates - Mortgage Assignment - What are Mortgage Assignments?.
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Mortgage Assignment - What are Mortgage Assignments? Video Clips. Duration : 5.13 Mins.


We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Today Mortgage Rates . www.REIClub.com - Mortgage Assignments Are Not As Safe As You Think. Here's The Truth About Mortgage Assignment... Hi, this isFrank Chen with REIClub.com, the only site you need as a real estate investor. Today I've got quick video on mortgage assignments What Are Mortgage Assignments? Fancy way of saying taking a property Subject To the existing financing and assigning those rights to someone else. - Loan stays in place, deed transfers ownership - Loan already on the property stays there without any formal assumption on your part - Owner deeds the property to you or end buyer - depends on the deal - You or end buyer sends in the payments to mortgage company just as the former owner did Is it legal? due on sale clause Yes, technically most loan documents do not prohibit this action, but most will allow the lender to call the loan immediately due and payable at their discretion if they discover ownership has transferred. Why would any seller agree to remain liable for the debt?? Many Reasons - Fast sale - Downsized - Behind on payments - No Equity in the home - Issues with Traditional Sale with Realtor - Time it takes to sell - may take 60 - 180 days - realtor fees - 6% - transfer fees - closing costs - repairs Pros to Mortgage Assignments Investor Perspective - You use someone else's debt to finance your deals - Acquire properties without assuming credit risk - Interest rates locked in at date of seller's purchase - may be lower than current interest rates - You don't ...
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