Kentucky Pooling and Servicing Agreement contemplating the sale of mortgage loans to Trustee for inclusion in the Trust Fund by the company
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How to fill out Pooling And Servicing Agreement Contemplating The Sale Of Mortgage Loans To Trustee For Inclusion In The Trust Fund By The Company?
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FAQ
Although the buyer makes the mortgage payments, the seller remains responsible for the loan. 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.
For buyers, subject to is an excellent way to buy a property when you have insufficient credit or when you want to buy a property with fewer closing costs. For sellers, subject to is a good way to quickly dispose of a property if you need immediate debt relief or if you're facing foreclosure.
One way to significantly cut down on closing and recurring costs relative to buying a home is to buy a home subject to an existing loan. This basically means that you, as the buyer, unofficially take over the seller's existing mortgage payments.
Risks with Subject to Real Estate A lender can invoke immediate payment on the rest of the mortgage if suspicion of mortgage assumption is made. Investors often get around this clause by creating a contract with a homeowner that grants the deed, but does not grant the existing mortgage liability.
A deed of trust is a legal agreement that's similar to a mortgage, which is used in real estate transactions. Whereas a mortgage only involves the lender and a borrower, a deed of trust adds a neutral third party that holds rights to the real estate until the loan is paid or the borrower defaults.
Disadvantages of subject-to loans Some mortgage companies call loans due if the property transfers to a new buyer. You may lose the house if you do not have the cash to pay off the mortgage and cannot get financing in your name. Finally, insuring the home can be very challenging.
The ?Pooling and Servicing Agreement? is the legal document that contains the responsibilities and rights of the servicer, the trustee, and others over a pool of mortgage loans.
List at least 2 things you would be sure to tell a borrower in preparation for closing. There is no right or wrong answer, but the date/time/location of closing is important. The borrower should also be clear on the amount of money he/she needs to bring to the closing table.
