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When the property is sold subject to the loan the buyer is not liable to pay the lender, the original borrower is still primarily liable to the lender.
Buying subject-to means buying a home subject-to the existing mortgage. It means that the seller is not paying off the existing mortgage. Instead, the buyer is taking over the payments.
Buying a property "subject-to" means a buyer essentially takes over the seller's remaining mortgage balance without making it official with the lender. It's a popular strategy among real estate investors. When interest rates rise, it may also be an attractive financing option for general homebuyers.
In a traditional mortgage, the bank holds the deed. With a purchase-money mortgage, the seller holds the deed.
When a buyer acquires a property having an existing mortgage loan, a decision must be made as to whether or not the subsequent owner of the property can preserve the loan. If the buyer does not add his or her signature to the note, the buyer does not take on any personal liability.
A subject to mortgage will have the buyer take control of the property and make payments to the seller, who will then pay off the mortgage in their own name. A good subject to mortgage clause should be viewed by a real estate attorney before any decisions are made.
An ?Assumption of Mortgage? is often confused with ?Purchasing Subject to a Mortgage.? When one purchases subject to a mortgage, the purchaser agrees to make the monthly mortgage payments on an existing mortgage, but the original mortgagor remains personally liable if the purchaser fails to make the monthly payments.
In a subject-to real estate closing, a buyer purchases a property ?subject to? the existing mortgage, meaning the mortgage remains in the seller's name, but the buyer takes over the mortgage payments and assumes control of the property.