AITD and DOS - Posted by Brian (MD)

import · October 20, 2003, 9:29am

Posted by John Merchant on October 20, 2003 at 12:07:49:

The mortgage or Deed of Trust doc would need to be read to see what rights it gives its lender/beneficiary. A new, secondary, wrap mtg, might or might not, be in violation of the DOS clause.

All mtgs & D/Ts are NOT identical, and have to be individually read and studied as to what language they do contain…e.g., most private seller carryback mtgs or D/Ts have NO DOS clauses.

import · October 20, 2003, 9:29am

AITD and DOS - Posted by Brian (MD)

Posted by Brian (MD) on October 20, 2003 at 09:29:19:

Just curious. If a wraparound mortgage is junior to the the underlying first, when recorded, wouldn’t this be similar to a 2nd mortgage and not violate the DOS.

Thanks

import · October 20, 2003, 2:17pm

Re: AITD and DOS - Posted by Brian (MD)

Posted by Brian (MD) on October 20, 2003 at 14:17:42:

Thanks Bill & John.

import · October 20, 2003, 12:58pm

Re: AITD and DOS - Posted by W. Bronchick

Posted by W. Bronchick on October 20, 2003 at 12:58:39:

In a wrap, the seller transfers title and takes back a subordinate AITD or wrap mortgage. It’s not the 2nd lien that triggers the due on sale; it’s transferring title that does it.