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Does "Subject to" Financing Work With a Foreclosure |
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"Subject to" financing is where a homeowner sells his home but leaves the existing financing in place and allows the new owner to continue making the monthly payments. The deed is always transferred at this time to another owner who will be making the payments. Early in the 1980's, lending institutions got legislation passed that stopped loans from being fully assumable by new buyers because the lenders could charge additional closing fees.
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