Buying a Home: Your Path to Homeownership with Homes for All

We hire a third-party servicing company to withdraw money from our escrow account and make direct payments to the mortgage. Our servicer can provide notifications if requested.

Our use of a professional third-party servicer shows proof that payments are being made by the buyer when the seller goes to wipe out their Debt-To-Income on this property with any other lender when purchasing a home in the future.

The seller will have a lien position against the property as the second-position lender, through a wraparound mortgage. If the buyer fails to make payments after 90 days, the seller will have the ability to return the property or foreclose, depending on the state.
In this situation, the seller inherits the property and benefits from any loan reduction payments, improvements made to the property, and appreciation the property has had. The seller could then sell the property again for more money if they do not wish to keep it.

After the deed is transferred to the buyer, the buyer is responsible for all repairs and maintenance of the property.
Since the seller's name only remains on the mortgage and the deed changes to the buyer's name, the seller is not responsible for any repairs or maintenance.
The person responsible for any repairs or maintenance is whoever is listed on the deed to the property.

For conventional and FHA loans, we prepay one month of a lease in advance and the lender we typically use can remove 75% of the seller's DTI immediately. After 1 year of on-time payments, 100% of the DTI must be removed from the seller's name. All you will need to do is show your lender that on-time payments have been made by us for the past year.
Si tiene un préstamo VA, la cantidad que puede comprar en su próxima casa dependerá de cuánto derecho le quede. Si no tiene suficiente derecho para su próxima propiedad, puede usar sus ingresos de la venta “Subject To” para el pago inicial necesario para su próxima casa.

Since the loan remains in the seller's name when timely payments are made, the seller's credit rating benefits. Timely payments to the lender are reported back to the credit bureau and can significantly help someone looking to improve their credit rating and can save the seller more money in the future to repair their credit.

The short answer is forever. What we mean by forever is that we always tell sellers and agents to plan to keep their name on the mortgage until the mortgage balance is paid off.
However, we can tell you that on average, we and our partners hold a property for about 7 years. The average homeowner stays in a home for about 7 years and it is no different for investors.

Esto rara vez sucede, pero si el banco ve que la escritura ha sido transferida, tiene el derecho de solicitar que se pague el saldo restante del préstamo en un solo pago (de ahí el nombre de “vencimiento en la venta”). En este caso, hay varias opciones.

• We have spoken to lenders before to describe the situation and they have rescinded their request because ultimately they care about keeping their notes current.
• We could refinance the mortgage in your name.
• We could sell the property to pay the bank the balance of the mortgage.

In any case, the seller is not obligated to make a payment to the bank and we work with the bank to find a solution.