Posted by blueangel on September 09, 2003 at 15:21:54:
Thanks Bill for your prompt reply!
I know based on Garn-St. Germain Bill, if the loan originated after October 15, 1982, its due-on-sale clause is enforceable. Most lenders do put DOS on contract.
The financing forum recommended a few ways to get around it. One is to work with homeowner insurance (which mostly like trigger DOS)to write a new policy have both seller and buyer name one. Second is just tell the lender it’s a triple net lease. Third is to have the seller deed to a trust, and I become the beneficiary.
What’s your take in preventing the lender from bugging me on this?