Posted by Joe on February 26, 2004 at 22:20:04:
Excellent point. I was thinking of this scenario when I posted the original question: Countrywide (ahem) decides to call the loan due, even though I had notified them three months prior. What do I do then, even though I know they are in the wrong?
Uh…maybe it would have been better not to notify them.
Okay. Good answer.
DOS clause and accepting payments - Posted by Joe
Posted by Joe on February 26, 2004 at 15:15:15:
Another investor mentioned this in a post, and I’ve always wondered about it.
I take over a property subject-to the seller’s existing loan, and I send notification to the lender of the title transfer into my corp. If the lender accepts a payment from me after I have notified them of the transfer, they have now waived the right to call the loan due because of the title transfer.
Is this correct or not?
Maybe but so what? - Posted by John Merchant
Posted by John Merchant on February 26, 2004 at 17:32:12:
Maybe under certain states’ laws that could constitute a waiver, but what benefit would that really be to you if they did call the note?
If they proceeded to foreclose, most D/T states would sure permit you to file suit to stop that foreclosure, and even enjoin same…IF and when you put up a BIG, and very expensive BOND, for court costs, lender’s possible damages, etc., with the court’s clerk.
You prepared to buy that bond? And really go to war with that lender?