Monday, March 22, 2021

Subject-To Deals With VA Mortgage

In this video, Dan and Jay explain that there is no difference in buying a subject-to note regardless of whether it was guaranteed by a VA, FHA, or any type of mortgage. Understand more by watching this video.

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Jay Conner:

Hey, look any other questions? Chaffey Scott and Ashley come in to chat today. Before I move on to, I've got some great questions that were submitted at the live event last week. I can answer those as well, but I want to get people's questions here today. And we only got nine minutes left for today's Academy.

Chaffee-Thanh Nguyen:

Yeah, there was a question early on from Corey. A question about subject two on a VA mortgage. I vaguely remember hearing about a contract for deed provision of sorts built into a VA mortgage. Is that accurate or no? We've done several subject-to deals, but this is the first with a VA loan. Just trying to remember.

Jay Conner:

Sure. So Dan, you and Crystal had bought a lot of subject-to as I have, but you're, you buy a lot of military houses of people that are in the military that are selling to you on subject-to, right?

Dan:

Right.

Jay Conner:

I would assume that. And don't let me assume, but I would assume, safely assume that a lot of those houses that you all have bought from military have VA mortgages that you're buying subject-to the existing note. Right?

Dan:

Right. Yeah. We've never had one, one loan be called in any of that. Crystal gets on the phone with the mortgage company and the owner and gets permission to talk to the mortgage company. She gets a document that allows that as well generated, so that she can send that to the mortgage company, the VA mortgage company or whoever that may happen to be. And there is no problem. There's no, it's we treat it no different than any other.

Jay Conner:

Yeah. That's what a, see you Mark. Sorry, you gotta jump. Glad you can be on here. And that's my experience too. Dan. There's no difference in buying a subject-to note, regardless of whether, it was guaranteed by a VA FHA or any type of a mortgage. We treat them all the same.

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