Posted by John (OH) on May 06, 2003 at 15:36:38:
I thought someone had posted that they had also contacted the lender and received their OK with the deal. If that is true, it would eliminate all concern about the lender possibly calling the note due at some time in the future.
Is the person who posted that is out there somewhere? If so, please let us know.
Due On Sale Disclosure?? - Posted by John (OH)
Posted by John (OH) on May 06, 2003 at 08:23:34:
I think I remember someone recently posting that when they do subject to deals they go ahead and disclose to the lender that they are taking the mortgage subject to and get the lender’s OK. I have been searching the archives and can’t seem to find this message.
Am I dreaming, or did I really see this? I would like to find out from whoever posted this message how they make the disclosure, and what their experience has been with the lenders.
Thanks.
Re: Due On Sale Disclosure?? - Posted by Mike
Posted by Mike on May 06, 2003 at 14:04:43:
It’s not the lender you disclose to, it’s the seller you disclose to. You need to disclose to the seller about the risks involved when taking their mortgage over. You don’t disclose anything to the lender.
Why would you do that? - Posted by Tim (CT)
Posted by Tim (CT) on May 06, 2003 at 12:03:46:
I don’t seen any reason to disclosue to the lender that you’ve taken over the property subject to the existing mortgage. Most lenders probably wouldn’t care as long as it’s been paid up-to-date. But, why take the risk. If it hasn’t been, they might call it due. What are you gaining by telling the lender anything? I wouldn’t do it.