Posted by Rob_Il on July 22, 2002 at 16:49:43:
Thanks Jeff. I can now get back on course. I still have so much more that I feel I have to learn. There’s just so much info. that it gets overwhelming sometimes.
Thanks again for your help.
Rob_Il
Newbie with a concern - Posted by Rob_Il
Posted by Rob_Il on July 22, 2002 at 16:22:40:
I’ve read a lot of the threads about the L/O and Sub2 deals violating the DOSC. Are these first of all great concerns if all the payments and so forth are made timely and no foreclosures come about. From what I read and understood there wouldn’t be any problems if everything went okay. Maybe I’m off in my understanding of the topic, and for that I apologize. I’m just concerned as a newbie and would rather avoid all problems with the law. Before stumbling across this info. in the archives I felt pretty comfortable planning on using L/Os to start out. If I face such legal problems as going to jail due to L/os I might look for alternative ways to start.
Thank you in advance for your responses,
Rob_Il
Re: Newbie with a concern - Posted by jeff
Posted by jeff on July 22, 2002 at 16:43:13:
violation of the DOSC is ONLY in violation of contractual law and not any type of judicial law. its the judicial system that prosecutes. yuor safe from jail if the DOS is triggered.
in contractual law, the actual contract that yuo violate will tell you what the circumstances are for the violation. when you violate the DOSC the lender may at their own discretion deem the remainnig balance immediatly due and payable. this just means that they want all their money now instead of with the predetermined payment methods. all of this is covered in the mortgage contracts. not all mortgages have the DOSC, but the ones that do wont commit you to the state pen for violation. it just requires someone, ie. yuo, seller, your end buy, etc., to either refi the loan or pay it off with your own funds. nothing more.
the only handcuffs youll be using will be in your own past time hobbies.