Deeding the property over? - Posted by Jenean -NC

Posted by Tim Randle on December 07, 1999 at 09:47:24:

Jenean,
I would suggest browsing the How-to’s for Bronchick’s articles regarding the due on sale clause, or visit his website at legalwiz.com. Good luck…

Deeding the property over? - Posted by Jenean -NC

Posted by Jenean -NC on December 07, 1999 at 09:36:08:

I read Ron LeGrand article on “Get out of your conform zone and make some real money”. How can someone deed a property over to you that has an outstanding mortgage? Wouldn’t the lender implement the due on sale clause? Help!

Re: Deeding the property over? - Posted by Redline

Posted by Redline on December 07, 1999 at 12:25:02:

As Tim said below, yes you should read up some more, but:

Sure the mortgage company could invoke the due on sale clause - and you should be aware of that. And you should make sure the seller is aware of that in writing (disclosure of all risk is critical).

Is it done? Sure. Does the mortgage get called? Rarely if ever. Is that guaranteed? Not even close.

RL