OPTION #3   THE SUBJECT-TO

This could be one of your best options.  Let’s discuss this option… you, the homeowners, will convey the property to me by Warranty Deed or Quitclaim Deed.  In exchange, I agree to pay the arrearages to bring the mortgage current and make the monthly mortgage payments until the property is sold or refinanced, whichever comes first.  We will file the deed at the courthouse to protect our interest.  We will pay you an agreed upon amount of consideration when the property is deeded to us and then we will discuss a date for you to vacate the premises.  The objective of this method is for us to take over the existing loan, bring the payments current, keep them current for the length of our agreement, and therefore relieving you of the monthly debt.  This agreement should be 3-5 years.  The longer we make the payments for you, the better your credit gets.  If we pay the mortgage off immediately, your credit doesn’t get any better and it will take years for you to rebuild your credit.  In every option, including this one, we want to make sure that all parties involved are made aware of the details of this transaction. 

REMEMBER… you the homeowners are being made aware that your names will remain on the mortgage and although we intend to pay the mortgage payments on your behalf, you remain fully liable for the mortgage payments.

For example, your property has a mortgage that is $9,000 in arrears, the monthly mortgage payment is $1,500 per month and you are 6 payments behind. You, the homeowners, want $1,500 cash to walk away from your property.  In exchange for clear and marketable title, I agree to pay the arrearages of $9,000 to the bank in the form of a cashier's check or wire transfer.  At this point when we pay the bank and give you your money, you must vacate the premises. 

If you have any questions about this option call me at 215-778-8140.

Good Luck and God Bless