Posted by Rick Harmon on May 14, 2006 at 18:54:45:
No, you probably did not trigger the due-on-sale clause. WaMu wants their money. It’s not in their best interest to be too aggressive in tracking non-authorized property transfers (or at least not yet, pending a substantial increase in interest rates).
To be certain, overpay the monthly installments by an extra safety margin, by cashier’s check referencing the original trustor and their loan number.
And, so what if they do call your loan? They’ll send out a letter beginning: “…it’s come to our attention that…” They’ll give you a little time to either pay it off via sale or refi. It happened to me in 1986. I refinanced with their prior bank name, American Savings. Got a great deal and a better rate than the mortgage broker who first tried to do the refi. Everything worked out fine. Also, there’s no jail for people who buy subject-to, and the lender can’t eat you like wolves do, so, what’s there to worry about?
HELP !!!Triggered due on sale clause - Posted by T.J.
Posted by T.J. on May 14, 2006 at 18:24:31:
I think that I have triggered the due on sale clause for a subject 2 property.
I purchases a property subject2 as a land trust in Feb the owners were in foreclosure, I settled(feb28) the property and cured the foreclosure(march). Made the first payment in April (14th ) Via phone from my personal account(not sure if this was a mistake). Git the deed in the mail about a week or two ago. Went to make an payment yesterday and was unable to do so they said that I needed to speak to someone and they were unavailable at this time. Went online to look at the account and the information is unavailable. I think the bank Washington Mutual is wanting me to speak to them. I am not certain as to what I should say. I have had the house on the market for 58days and just reduced the price in hopes of a quick sale. I am looking for any advice for what to do and or say to the lender.