Posted by David Alexander on April 07, 2000 at 02:35:54:
And simply put, DOS Clauses are simply written into loan docs and have to do with banking regulations nothing to do with anything illegal. In other words a business says if you want to do business with us this is the way you do it, not we have the power to throw you into jail for not doing it.
David Alexander
Due-on-sale (I hate to bring this up John T Reed, but . . .) - Posted by Bronchick
Posted by Bronchick on April 06, 2000 at 21:51:25:
For anyone who still thinks it is a federal crime and loan fraud to sell subject to a mortgage with a due on sale, consider this . . .
Lines 203 and 503 of a HUD-1 Settlement Statement (yes, the Housing and Urban Developement form commissioned by RESPA, a federal law dealing with loans) and used at virtually every closing states:
“Existing loans taken subject to”
Hmmmmmm . . .
Why would that be on a federally commissioned form if it were illegal to take subject to?
Perhaps like the I.R.S. - Posted by Jim V
Posted by Jim V on April 06, 2000 at 22:18:19:
Perhaps it is similar to the I.R.S. and miscellaneous income. It might not be legal, but they do want it accounted for.
Just a thought.
Jim V