Buyer/Seller BEWARE? - Posted by Jonathan Rexford

Posted by Jonathan Rexford on June 01, 2000 at 15:22:18:

Scott,

He said that they are FNMA and Portifiolo loans. These are not loans that they did the closing for. I do think you are right about “Mortgage Clowns”…lol. I think we are going to see a little more with Rates going up a little…(This is just my Idea?) I am not worried if they call the loan due so what I will deal with it when it comes.

Buyer/Seller BEWARE? - Posted by Jonathan Rexford

Posted by Jonathan Rexford on June 01, 2000 at 13:22:23:

This is just a heads up.

I was informed by my Title Company that they are being asked to do Due Dilligence on certian number of Files that lenders give them on Certain Loans. To See if the infamous “DUE ON SALE CLAUSE” has been violated. He said in recent weeks that he has done 50 or more searches.

Jonathan Rexford

Re: Buyer/Seller BEWARE? - Posted by ScottE

Posted by ScottE on June 01, 2000 at 15:16:09:

Jonathan,

You said “on certian number of Files that lenders give them on Certain Loans”.

Did your title company contact specify what types of “certain” loans he was being asked to investigate?

Scott

P.S. This type of thing is typical for those mortgage clowns.

Follow up - Posted by Jonathan Rexford

Posted by Jonathan Rexford on June 01, 2000 at 15:01:44:

Got Bumped (Telephone ringing) off before I finished my comment. I guess this is a reason why Land trusts are good to use. He said the age of the Files are between 5 and 10 years old. Any Comments,

Jonathan Rexford
Licensed General Contractor
Licensed Mortgage Brokerage Business
Rexford Incorporated
P. O. Box 650099
Vero Beach, Florida 32965
Office (561) 569-4087
Fax (561) 569-0279
Cell (561) 532-0029
Pager (561)458-5658