Subject-to (Sub2) means we buy the house and take over the payments on your existing mortgage, which stays in your name. It can work when listing would leave you nothing. We explain the risks in writing before you decide.
After closing we make the monthly payments on your existing loan. The loan stays in your name until it is paid off or refinanced.
This is for situations where listing wouldn't pay you anything anyway. You skip the headache.
There is no new lender to wait on, so the timeline depends mostly on the title work.
If there is equity, we talk through paying part of it to you at closing.
If you've received a notice of default, ask us whether bringing the loan current through a subject-to sale fits your timeline.
We use a Texas deed of trust and a written servicing agreement, and a Texas title company closes the sale.